Trio Petroleum (TPET) said late Wednesday it completed the acquisition of the remaining petroleum and natural gas assets previously owned by Novacor Exploration within the productive Lloydminster heavy oil region of Saskatchewan, Canada.
The two properties host seven active wells, with Section 19 production subject to a 13.5% Freehold Royalty and 2% gross overriding royalty, and Section 3 production subject to a 15% Freehold Royalty, the company said. Novacor will continue as the operator of the assets.
The acquisition price was $650,000 in cash paid in two tranches, plus 526,536 shares of Trio's common stock, the company said.
Shares of Trio Petroleum were up 8% in after-hours activity.
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