Microsoft Word - SKK - 2015-10-09 - Announces Closing of Purchase and Sale Agreement
NEWS RELEASE
Strikewell Energy Corp. Announces Closing of Purchase and Sale Agreement
Vancouver, October 9, 2015 - Strikewell Energy Corp. (the 'Company') (TSXV: SKK) is pleased to announce that its wholly owned subsidiary, Strikewell Capital Corp. ('Strikewell Capital') has closed the agreement of purchase and sale dated June 30, 2015 (the 'Agreement') between Strikewell Capital and Mr. John Hislop. Pursuant to the Agreement, Strikewell Capital has purchased an 80% working interest in the Garrington property (the 'Garrington Property'), encompassing an area of 640 acres with one producing Pekisko oil well, the Garrington 06-06-035-02W5 for a purchase price of $1,000,000 (the 'Purchase Price'). The Purchase Price was paid and satisfied at the closing of the transaction, by way of issuance by Strikewell Capital to Mr. John Hislop of a promissory note in the amount of $1,000,000 (the 'Promissory Note'). The Promissory Note will be due on June 30, 2022 and will bear interest at a rate of 15% per annum. Strikewell Capital may prepay the Promissory Note without penalty. Following the completion of the transaction, Strikewell Capital now owns a 90% working interest in the Garrington Property.
Mr. John Hislop owns 4,230,769 common shares of the Company, representing 49.04% of the issued and outstanding common shares of the Company. In addition, Mr. John Hislop is a brother of Mr. David Hislop, President, Chief Executive Officer and director of the Company, but Mr. David Hislop informed the other directors of the Company that he has no material interest in the Agreement or the transactions contemplated under the Agreement.
Strikewell Energy Corp. is an oil and gas issuer with its common shares listed on the TSX Venture Exchange.
For further information, please contact Mr. David Hislop at (604) 331-3395 and visit the company website at www.strikewellenergy.com.
NEITHER THE TSX VENTURE EXCHANGE INC. NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE INC.) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS PRESS RELEASE.
PHONE: (604) 331-3395
FAX: (604) 688-4712 [email protected]
RPO BOX 60610 GRANVILLE PARK VANCOUVER, BC CANADA V6H 4B9 WWW.STRIKEWELLENERGY.COM