CALGARY, AB / ACCESSWIRE / March 30, 2020 / Point Loma Resources Ltd. (TSX-V:PLX) ("Point Loma" or the "Corporation") announces the termination of further closing steps in the previously announced disposition of the Wizard Lake Property.
Termination of Purchase and Sale Agreement ("PSA")
Further to the Corporation's press release on December 17, 2019, the Corporation has been advised in writing by Whitebark Energy Ltd. that they will not be completing the pending Step 2 and Step 3 closings as contemplated in the previously executed PSA and as such the deal has been terminated effective March 27, 2020.
Point Loma will ultimately retain a 40% WI in the existing lands and in the three wells that have been drilled to date (the 16-17-48-27W4M discovery well and the two farm-out wells 1-8-48-27W4 and 12-4-48-27W4) subject to various payout provisions. Point Loma will also retain operatorship of the property.
About Point Loma
Point Loma is a public oil and gas exploration and development company focused on conventional and unconventional oil and gas reservoirs in west central Alberta. The Corporation controls over 165,000 net acres (250 net sections) and has a deep inventory of oil opportunities. Point Loma's business plan is to utilize its experience to identify, acquire and develop accretive assets with potential to employ horizontal multi-stage frac technology and to exploit opportunities for secondary recovery. For more information, please visit Point Loma's website at www.pointloma.ca or Point Loma's profile on the System for Electronic Document Analysis and Retrieval website at www.sedar.com.
For further information, please contact:
Terry Meek
President and CEO
Telephone: (403) 705-5051 ext. 444
[email protected]
SOURCE: Point Loma Resources Ltd.