Hawker Energy, Inc. has closed its previously-announced acquisition of 100% of the shares of TEG Oil & Gas U.S.A., Inc. from Sefton Resources, Inc. TEG owns the Tapia Canyon and Eureka oil fields in California, as further described below.

Hawker purchased all of the shares of TEG by issuing 3 million shares of Hawker's common stock and a five-year warrant to purchase up to an additional 5 million shares of Hawker's common stock for $0.25 per share.

In addition, Hawker and its subsidiary have made a number of advances totaling approximately $1.65 million to TEG beginning April 2014 through the present, pursuant to a secured subordinated note. This amount constitutes additional consideration for the acquisition, as this loan receivable will not be settled prior to the closing of the acquisition of TEG.

Tags: Hawker Energy, Inc., TEG Oil & Gas U.S.A.