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:Savary Capital to acquire Verge Energy as QT 2009-05-29 16:05 ET - News Release Mr. Harvey Lalach reports SAVARY CAPITAL CORP TO ACQUIRE VERGE ENERGY CORP.
Savary Capital Corp. has entered into an arrangement agreement dated April 27, 2009, with Verge Energy Corp., a Calgary-based private oil and
gas exploration and production company, whereunder Savary will
acquire all of the issued and outstanding common shares of Verge. The transaction is not a non-arm's-length transaction and as
such will not require approval of the shareholders of Savary under applicable
policies of the TSX Venture Exchange and will constitute
Savary's "qualifying transaction."
About Verge Energy Corp.
Verge is a private Alberta-based oil and gas exploration and production
company incorporated under the Business Corporations Act (Alberta) which is
currently focused on activity in east-central Alberta. Verge currently
produces 180 barrels of oil equivalent per day (140 barrels per day medium gravity oil and 240 million cubic feet per day
gas). Verge's assets include 18 net sections of land and three producing
batteries. Verge operates the batteries and has an 88-per-cent working interest in the
wells and facilities. Production is obtained from Ellerslie, Glauconite and
Viking formations. Verge has identified over 40 infill drilling locations and
10 recompletions to further develop its properties.
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