Artisan Energy Corporation has signed a letter of intent (the "LOI") to acquire all of the issued and outstanding shares (the "Acquisition") of each of MOGL Corp. (MOGL) and Spur Energy Corp. (Spur), private oil and gas exploration and production companies with operations in Western Canada.

Total consideration expected to be paid by Artisan for MOGL is 10,810,000 units of Artisan (Acquisition Units), each Acquisition Unit comprised of one common share of Artisan (Artisan Common Share) and one common share purchase warrant of Artisan, each warrant entitling the holder thereof to purchase one Artisan Common Share at a price of $0.30 per Artisan Common Share for a period of one year from the closing date of the Acquisition of MOGL. Total consideration expected to be paid by Artisan for Spur is 518,000 Artisan Common Shares.

Tags: Artisan Energy Corporation