Petroleum Africa
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Sunday, February 21, 2016
Mart Resources, San Leon Energy, Midwestern Oil & Gas Company Ltd., and 1038221 B.C. Ltd. (Acquireco) have mutually agreed, pursuant to the terms of an amending agreement, to amend the terms of the arrangement agreement dated January 21to extend the obligation of Acquireco to deposit into escrow the purchase price to be paid to Mart shareholders and certain transaction costs until February 24, 2016.
The amending agreement also grants San Leon an extension for the completion of the San Leon financing, a process which San Leon has announced is well advanced in its press release dated February 18. Other than certain corresponding date changes, all other material terms of the arrangement agreement remain unchanged.
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