April 28, 2021
CALGARY, AB – As disclosed in the Corporation’s January 29, 2021 news release, Altura Energy Inc. (“Altura” or the “Corporation”) (TSXV: ATU) amended the payment schedule in respect to the timing of the second transaction in the December 4, 2019 definitive agreement with a private company. On April 27, 2021, Altura closed the sale of a 0.6875% working interest in the Corporation’s production, wells, lands and facilities for cash of $437,500. The disposition schedule for all transactions net of transaction costs is as follows:
|Disposition||Closing Dates||Status||Disposition Interest||Cash Proceeds|
|First Transaction||December 4, 2019||Closed||7.0000%||$3,508,000|
|Stage 1||June 30, 2020||Closed||1.3750%||$871,000|
|Stage 2||September 30, 2020||Closed||1.3750%||$875,000|
|Stage 3a||January 29, 2021||Closed||0.6875%||$437,500|
|Stage 3b||April 27, 2021||Closed||0.6875%||$437,500|
|Stage 4||June 30, 2021||Pending||1.3750%||$875,000|
The cash proceeds from the asset sales strengthen the Corporation’s financial position and flexibility to continue development of the Rex pool at Leduc-Woodbend.
ABOUT ALTURA ENERGY INC.
Altura is a junior oil and gas exploration, development and production company with operations in central Alberta. Altura predominantly produces from the Rex member in the Upper Mannville group and is focused on delivering per share growth and attractive shareholder returns through a combination of organic growth and strategic acquisitions.