CALGARY,
AB, May 17, 2024 /CNW/ - CanAsia Energy Corp.
("CanAsia") (TSXV: CEC), on behalf of its wholly owned subsidiary
Andora Energy Corporation ("Andora"), announced today that Andora
has completed the acquisition of certain assets (the "Assets") of
Northern Alberta Oil Ltd. ("NAOL") and Deep Well Oil & Gas
(Alberta) Ltd. ("Deep Well" and,
together with NAOL, the "Debtors") from Ernst & Young Inc., as
receiver and manager, including the Debtors' 25% working interest
in 11 sections of heavy oil sands leases in Sawn Lake, within the
central Alberta Peace River Oil Sands region, for a purchase price
equal to $2 million (which includes
the assumption of various obligations and a credit bid component of
approximately $0.7 million).
As previously announced by CanAsia on April 29, 2024, Andora was selected by the
Receiver as the successful bidder to acquire the Assets, subject
to, among other things, the approval of the Court of King's Bench
of Alberta (the "Court"). On
May 14, 2024, the Court approved the
vesting of the Assets in the name of Andora upon closing.
Following the acquisition, Andora's working interest in the 11
sections at the Sawn Lake Central block increased from 75% to
100%. Andora is now the operator of, and holds a 100% working
interest in, four heavy oil sands leases with 27 sections at Sawn
Lake.
CanAsia is a Calgary,
Alberta based oil and gas company with operations in
Western Canada.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE CanAsia Energy Corp.
