Fortem Resources Inc. (OTCPK:FTMR) entered into an membership Interest purchase agreement to acquire Colony Energy, LLC from Blue Phoenix Inc., Pacific Petroleum and Grassy Butte LLC for $48 million on April 7, 2017. In consideration for the acquisition Fortem Resources issued 10 million to Blue Phoenix Inc., 10 million to Pacific Petroleum and 1 million to Grassy Butte LLC on the closing and agreed to issue an additional 3 million shares on a post-closing basis with 1 million shares to Grassy Butte LLC on the first, second and third anniversaries of the closing date. John R. Chadd of Steptoe & Johnson PPLC acted as a legal advisor of Blue Phoenix Inc. and Pacific Petroleum and Cam McTavish of Clark Wilson LLP acted as legal advisor of Fortem Resources Inc. Fortem Resources Inc. (OTCPK:FTMR) completed the acquisition of membership Interest of Colony Energy, LLC from Blue Phoenix Inc., Pacific Petroleum and Grassy Butte LLC on April 7, 2017.