TSX-V: ONV VANCOUVER, Nov. 20, 2018 /CNW/ – Oronova Energy Inc . ( “Oronova” or the “Company” ) (TSX.V: ONV) is pleased to report that pursuant to its agreement with Advantage Energy Services Ltd. (“ Advantage “) (as announced on September 17, 2018) (the “ Advantage Agreement “), Advantage has confirmed that its affiliated company, 2136983 Alberta Ltd. (“ 2136983 “) has entered into a joint venture and operating revenue sharing agreement dated November 17, 2018 with a third party company (the “ JV Agreement “) whereby 2136983 will acquire, subject to financing and director’s approval, an undivided 50% working interest in certain producing and non-producing oil and gas assets and certain oil and gas plant and facility assets in the Province of Alberta. Pursuant to the JV Agreement, in order to acquire its undivided 50% working interest, 2136983 must invest $4 million as an initial joint venture contribution. Pursuant to the Advantage Agreement, the parties intend that upon closing of the transaction Oronova will acquire all of the issued and outstanding shares of 2136983 from Advantage in exchange for 10 million common shares of the Company and that members of the Advantage professional oil and gas team will […]
