|By Marketwired .||
|November 30, 2016 08:08 PM EST|
CALGARY, ALBERTA -- (Marketwired) -- 11/30/16 -- Petrocapita Income Trust (CSE: PCE.UN)(CSE: PCE.UN.CN) ("Petrocapita" or the "Trust") announces that it has acquired approximately 79% of the issued and outstanding shares of Crucible Resources Corp. ("Crucible") as at November 30, 2016. A special meeting of the shareholders of Crucible has been called for December 21, 2016 to approve an amalgamation of Crucible with a subsidiary of the Trust to acquire the balance. The effective date of the transaction is May 30, 2016. The shares were acquired by issuance to the shareholders of a convertible debenture representing their respective shareholdings, which debenture is secured by the assets acquired in the total amount of $434,965.00. The term of the debenture is 7 years, carries an interest rate of 6%, is amortized over 6 years, beginning on December 1, 2017, and is convertible into common trust units of Petrocapita on or after December 31, 2017 at the volume weighted average trading price of such unit on the principal market for such units for each of the last 20 trading days prior to the date of conversion set by the exercise of the option to convert.
Crucible is a private oil and gas exploration and development company developing medium gravity oil assets in the Shaunavon area of Saskatchewan, holding, among other assets, an interest in a pipeline connected oil battery forming part of the East Dollard Oil Unit. The Saskatchewan oil assets will be transferred to Petrocapita Oil & Gas LP, a limited partnership formed to hold the Trust's oil and gas mineral interests.
Petrocapita Income Trust is a Specified Investment Flow Through trust developing and acquiring heavy oil production and infrastructure assets in the Lloydminster area of east central Alberta and west central Saskatchewan through its wholly owned subsidiaries, Petrocapita Oil and Gas LP and Petrocapita Processing LP. Petrocapita owns, operates and has interests in 445 gross (414.6 net) oil wells, 89 gross (20 net) gas wells, 20 produced water disposal facilities, 33 produced water disposal/injection wells, 4 custom oil processing facilities, two natural gas compressor stations, 72.51 km in pipelines, oilwell service rigs, fluid haul tractors and trailers, motor graders, oil field service trucks and wellsite processing equipment. It is seeking accretive opportunities to acquire both oil production and complimentary midstream assets during a cyclical low in the oil and gas markets.
Petrocapita GP I Ltd., as Administrator
of Petrocapita Income Trust
Mr. Alex Lemmens
President and Chief Executive Officer
Ms. Janet Stillwell
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