Tuktu Resources Ltd. is pleased to announce that it has closed in escrow ("Escrow Closing") on the purchase of the southern Alberta oil assets (the "Assets") owned and operated by an arm's length public company (the "Vendor"), as further described in the Company's press release dated October 18, 2023. In connection with Escrow Closing, Tuktu paid the escrow trustee $1.38 million (representing the interim purchase price, including adjustments from the May 1, 2023 Effective Date, for the Assets less the deposit previously paid to the escrow trustee) (the "Interim Purchase Price"), which Interim Purchase Price and deposit will be held in escrow and will be releasable to the Vendor upon receipt of Alberta Energy Regulator approval and successful completion of the well licence transfers related to the Assets, at which time the acquisition of the Assets (the "Acquisition") will be completed (the "Acquisition Closing"). Upon the Acquisition Closing, Tuktu will acquire the Vendor's legal and beneficial interest in the Assets subject to any permitted encumbrances and customary post-closing adjustments.
The Company anticipates that the Acquisition Closing may occur on or about 60 business days following Escrow Closing.
