03:47:07 EDT Fri 26 Apr 2024
Enter Symbol
or Name
USA
CA



Tribute Resources Inc
Symbol TRB
Shares Issued 74,576,673
Close 2015-05-22 C$ 0.06
Market Cap C$ 4,474,600
Recent Sedar Documents

Tribute Resources acquires 99.99% stake in Liberty Oil

2015-05-25 10:10 ET - News Release

Ms. Jennifer Lewis reports

TRIBUTE RESOURCES INC. ANNOUNCES THE PURCHASE OF SHARES OF LIBERTY OIL & GAS LTD.

Tribute Resources Inc. has purchased 99.99 per cent of the shares of Liberty Oil & Gas Ltd. Liberty owns a 100-per-cent interest in 21 oil and natural gas wells producing approximately 35 barrel of oil equivalent per day located near Chatham, Ont. The purchase provides a long-term source of cash flow from oil and natural gas production.

Tribute paid a total of $775,000 cash for the purchase with an effective date of May 1, 2015. The funds were utilized to cover working capital deficiencies and debt in Liberty of approximately $600,000 with the balance of the purchase price paid to purchase the shares of Liberty. The assets purchased include oil and natural gas reserves with an estimated 87 million barrels of oil equivalent, 3,000 acres of petroleum and natural gas leased lands in the Dover East and West pools near Chatham, Ont., 1,200 acres of natural gas storage leases at Dover East adjacent to the Ontario Energy Board designated Union Gas Jacob storage pool, a 3,400-kilometre 2-D seismic database, 15 square km 3-D seismic base, and tax pools of $4.2-million.

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