Kingsland Energy Corp. is a technology driven Saskatchewan based company focused on exploiting oil opportunities in Southern Saskatchewan, Manitoba and Alberta.
Kingsland Energy adds 6,000 acres of Manitoba land through acquisition.
Kingsland Energy Corp. will acquire the remaining 70 per cent of Enhanced Hydrocarbon Recovery (EHR), a private company with over 6,000 acre of oil & gas mineral leases in Manitoba and new oil and gas production optimization/ recovery technologies. The original 30 per cent was acquired and accepted by the exchange on July 30, 2012. In consideration, the company will issue six million shares at a deemed price of 33.75 cents per share and a $1.4-million convertible debenture. The debenture will bear an interest rate of 10 per cent, and will be due and payable no later than two years from the date of issuance. The exchanges notes that disinterested shareholder approval was obtained for this acquisition at a meeting of shareholders held on Jan. 21, 2013.