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by Stockwatch Business Reporter

The TSX Venture Exchange added 7.12 points to 1,015.36 Tuesday. Leif Snethun's halted capital pool shell, Sanction Capital Corp. (SRP), expects to close its acquisition of Marsa Energy Corp. by the end of September.

Sanction plans to roll back its shares 1:10.8, leaving it with 388,889 postconsolidated shares and leaving most of its IPO shareholders with odd lots, and then issue 33,764,658 postconsolidated shares to Marsa shareholders. The target is exploring the Ortakoy exploration licence in the Thrace basin in northwestern Turkey. So far, it has drilled nine wells and suspended seven of them as future gas producers. Marsa plans to continue exploring until November, 2015, during which time it plans to drill one well every six months. Near the end of its exploration program, it will apply for one or more production licences.

The target's co-founder and president, Blair Anderson, will receive 2,810,300 shares of Sanction and then take over as president. He started Marsa in February, 2010, a couple of months after departing Verenex Energy Inc., of which he was a founding shareholder and the manager of exploration from May, 2004, to December, 2009. Verenex, an oil and gas explorer with properties in France and Libya, went public at $2.50 in July, 2004, reached a high of $17 in July, 2007, and was taken over in December, 2009, by the Libya Investment Authority at $7.28 a share. That was also a rather good time to be leaving Libya.

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