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Altura Energy Inc. announces the closing of a previously announced asset disposition


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These translations are done via Google Translate

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
Second Transaction
  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
Total 12.5000% $7,004,000

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.

 



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