This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Stockwatch Business Reporter

The TSX Venture Exchange closed up 1.53 points to 803.21 Tuesday. Vic Luhowy and Harris Dvorkin's halted capital pool shell, Antler Hill Oil & Gas Ltd. (AHO), plans to acquire Kansas oil and gas explorer PetroPhoenix Capital Corp. for the shell's qualifying transaction. The shell will roll back 1 for 10, leaving it with 1.1 million postconsolidated shares issued, then issue 15,714,376 postconsolidated shares to its target's shareholders. Antler Hill and PetroPhoenix also plan to sell a $1-million private placement of 3,142,875 postconsolidated Antler Hill shares at 31.818 cents. PetroPhoenix will use the proceeds for its transaction costs, operating expenses and working capital.

PetroPhoenix is a Calgary company that holds interests in 16 oil and gas wells in Kansas. According to a National Instrument 51-101 report dated July 1, 2016, the company has proved remaining net reserves of 93,200 barrels of oil.

Antler Hill's Mr. Luhowy will be the only shell director to remain on the board of the resulting issuer. He is an engineer and a Calgary oil and gas promoter, and has been the shell's chairman since August, 2012. Previously, he was the president of BelAir Energy Corp., which peaked at $4.96 on the Toronto Stock Exchange in May, 2001, and then was acquired two years later by Purcell Energy Ltd. for $1.03 per share in cash and stock. Mr. Luhowy was also the president of Mystique Energy Inc., which peaked at $1.28 on the TSX-V in February, 2005, but then filed for creditor protection two years later. These days, he is the president of a consulting firm called BelAir Petroleum Management Ltd. and a director of Western Canadian oil producer BlackPearl Resources Inc. (PXX: $1.34).

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS