Company: Wellstar Energy Corp.
Symbol: NEX Board: WSE.H
Wellstar Energy was up 41.18% on Friday.
WellStar Energy Corp. is an oil & gas company trading on the TSX Venture Exchange under the symbol WSE.H, under the symbol WSEYF in the US and under the symbol W6V1 on the Frankfurt Exchange. On October 18, 2012 WellStar entered into a purchase and sale agreement with a private Colorado corporation relating to the Company’s acquisition of non-operated oil & gas assets located in North Dakota. The Acquisition will constitute a “fundamental acquisition” for the Company under the policies of the TSX Venture Exchange. Pursuant to the terms of the Purchase Agreement, the Company will pay the Vendor US$51,500,000 for the Assets, subject to adjustment in certain circumstances. Closing of the Acquisition is subject to, amongst other things, the completion of satisfactory due diligence by the Company, the Company securing satisfactory financing, and obtaining the approval of the TSXV, including review of a title opinion and the preparation of a National Instrument 51-101 compliant technical report for the Assets, as applicable. The Company will pay finder’s fees for the Acquisition in cash and shares within the maximum amount permitted by the policies of the TSXV.