Petrolia Energy Corp., Houston, will gain nonproducing interests in Indonesia by acquiring Bow Energy Ltd., Calgary, in an all-stock deal.
Bow Energy holds stakes in five production-sharing contracts and a joint study agreement covering 948,000 net acres near Medan in North Sumatra. It operates four of the PSCs.
Bow Energy will become a wholly owned subsidiary of Petrolia, which has executed a definitive agreement covering the acquisition.
Petrolia’s existing interests are in Texas, New Mexico, and Oklahoma.
