Standard Exploration Ltd. (TSXV:SDE) has completed its acquisition of all of the issued and outstanding shares of Penco Oil and Gas Ltd. in exchange for 6,153,947 common shares in the capital of the Corporation. Penco, an Alberta-based privately held company, is actively exploring and producing oil and gas in Alberta.
According to the company’s press release:
The number of Common Shares was determined based on the calculation of the net asset value for each of the Corporation and Penco and was reviewed and approved by the non-conflicted directors of the Corporation. Although the number of Common Shares to be issued is reflective of management’s view of the relative net asset value of the two companies, in order to comply with the requirements of the TSX Venture Exchange the Common Shares will be issued at a deemed price of $0.05 per Common Share.