CALGARY — PetroGlobe Inc. (TSXV:PGB), a Calgary-based energy company, says it has struck a deal to acquire an additional 40 per cent working interest in the Cardium oil formation in Alberta.
The pricetag of the deal, announced late Thursday, is two million PetroGlobe common shares, cash and other non-core mineral interests. The shares were worth $620,000 at Thursday’s stock price.
The transaction adds an additional 115 net acres of highly prospective Cardium rights to PetroGlobe’s existing Cardium prospects in Pembina, Alta.
The transaction is subject to regulatory approval and is expected to close shortly, the company said.
PetroGlobe’s key properties are in the Palo Duro basin of West Texas and Drayton Valley, Breton and Warburg in west-central Alberta.
In trading Thursday on the TSX, PetroGlobe’s stock fell 3.5 cents to 31 cents, a drop of 10.1 per cent.