Alberta-based Cycle Energy Industries has announced its acquisition of 100% of Energy Express Canada Corp., Kallanish Energy reports.
Energy Express Canada, described as a junior oil and gas company in Alberta, can produce 100 to 150 barrels of oil per day using traditional recovery methods.
That could more than double using Cycle Energy’s innovative recovery and optimization technologies, the company said.
The purchase agreement is for 100% of the company’s issued and outstanding shares.
The purchase price was not disclosed.
The deal was hailed as “a strategic acquisition: by Cycle Energy CEO Michael McLaren in a statement.
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