Pacific Oil Company said Monday its bid to purchase 67 wells located on 9 properties in Saskatchewan, Canada won court approval.
Approval from Court of Queen’s Bench was required because the assets are being purchased out of bankruptcy at a significant discount to market, the company said.
Ed Loven, vice president of Nevada-based Pacific Oil, said, “The court’s decision to allow this purchase to take place is great news for our company. . . As previously stated we plan on working the projects in close proximity to existing assets and divesting for profit those assets that would be more valuable to other companies.”
Pacific Oil said that with the final regulatory hurdle now met, the company “is in a position to close the transaction this week.”
It said it will issue a press release when the deal is closed.