Apart from acquiring the 50% interest in the field held by a subsidiary of Questerre Energy, the deal involving 40 million Transeuro shares will also pay off $4.3m owed to Questerre.
Transeuro will hold 100% of the Beaver River field after the acquisition.
Transeuro president and CEO David Worral said that this acquisition unblocks the potential at Beaver River and clears the way for continuing the appraisal program as it better positions the asset to attract a farm in partner.
“Further, it allows Questerre to retain an interest in the field to participate in the upside possible from the Besa River shales, and adds exposure for Questerre to the potential high impact gas assets that Transeuro owns in the Ukraine,” Worral said.
