Novus Energy Inc. (TSXV: NVS) said Wednesday it will acquire the entire interest of its 50 per cent partner in a Saskatchewan oil property for $2 million worth of cash and stock.
The Calgary-based junior oil and gas exploration company said it will purchase all of its partner’s interests in its core operational area in greater Dodsland, Sask.
Under terms of the agreement, Novus will pay its unnamed partner $1.2 million in cash and 850,000 shares of Novus valued at 94 cents apiece.
The company says the acquisition will add 7.5 net sections of undeveloped land in its key Viking oil area.
This acquisition comes after two agreements in which Novus will acquire oil assets in its core operational area and its recent acquisition of Ammonite Energy Ltd.
Shares in the company were unchanged at 94 cents each on the TSX Venture Exchange Wednesday.