By OGJ editors
HOUSTON, Oct. 10 -- Solana Resources Ltd., Calgary, announced plans to acquire privately held Breakaway Energy Inc. in a stock deal. Both companies are in Calgary.
The overall value of the transaction was not disclosed. Solana agreed to purchase all outstanding shares of Breakaway in exchange for an issue of 10 million Solana shares and 10 million performance warrants.
Solana has assets in Colombia and Paraguay. Its core area is Colombia, where daily business is handled by Solana Petroleum Exploration (Colombia) Ltd.
In addition, Solana appointed Scott Price as president and chief executive officer and Glenn Van Doorne as chief operating officer, effective immediately. Price and Van Doorne founded Breakaway Energy.
