2009-08-19-2007-03-01

Transaction Type
Announce Date
Post Date
Estimated Price
39MM
Description

Production: 300 BO/d

Source Petroleum Inc., Calgary, (OTCBB: SOPO) plans to acquire Calgary-based Fuel-x International Inc. for approximately C$35.2 million in stock and C$3.3 million in debt assumption for a total deal valued at approximately C$38.5 million. The offer is 0.50128 Source share per Fuel-x common share, totaling 24.2 million shares at approximately C$1.45 each, and an equal value of Source shares for Fuel-x convertible debt, totaling C$11.7 million in shares. Fuel-x has E&P assets in Indonesia. The combined company would provide Source Petroleum with a portfolio of onshore and offshore assets with current production of approximately 300 barrels of oil per day.