Nextraction Energy Corp. has closed its previously announced acquisition of Cowboy Exploration Ltd., a closely held private oil and gas company. Pursuant to the terms of the agreement, shareholders representing 92% of the outstanding Cowboy shares have tendered to the Offer and Nextraction has issued an aggregate of 3,501,334 Common Shares to former Cowboy shareholders as payment for their Cowboy shares tendered under the Acquisition. All necessary consents and approvals have been obtained, including those of the TSX Venture Exchange.

As the offer was accepted by the holders of more than 90% of the shares of Cowboy that were subject to the offer, the Company intends to exercise its rights under the compulsory acquisition provisions of the Business Corporations Act (Alberta) to acquire the remaining shares of Cowboy that were not tendered to the Nextraction offer. A notice of compulsory acquisition will be mailed promptly to all remaining shareholders of Cowboy, other than Nextraction.

The Acquisition provides a substantial expansion to Nextraction's Alberta asset base, increasing the Company's net land position to 26.625 net sections from the current 3.125 net sections, and significantly increases Nextraction's horizontal light oil drilling inventory potential in eastern Alberta from 21 net to 46 net locations.

Tags: Nextraction Energy