Bonavista Energy Corporation (TSX:BNP) acquired certain oil and liquids rich natural gas weighted properties in West Central Alberta from Paramount Resources Ltd. (TSX:POU) for CAD 53.3 million on December 4, 2019. The purchase price is subject to customary post-closing adjustments was funded through our existing bank credit facility in addition to adjusted funds flow. Paramount will retain all of its Duvernay assets in both Willesden Green and the East Shale Basin, as well as its fee title and royalty lands. Cash proceeds from the transaction will initially be used to reduce amounts drawn on the Paramount Resources's CAD 1.5 billion bank credit facility that matures in November 2022. The acquisition scales up Bonavista's developed and undeveloped position in the Glauconite formation in central Alberta which is accretive in oil and natural gas liquids composition to Bonavista corporate production and will be instrumental in enhancing profitability within the core area. Peters & Co., Limited and National Bank Financial, Inc. acted as financial advisors to Paramount Resources Ltd.

Bonavista Energy Corporation (TSX:BNP) completed the acquisition of certain oil and liquids rich natural gas weighted properties in West Central Alberta from Paramount Resources Ltd. (TSX:POU) on December 4, 2019.