Ardmore Investments Inc. entered into a purchase agreement to acquire 5,905.54 Acres of Oil and Gas Leases in the Beaver Oil Prospect from Pioneer Oil & Gas for $0.37 million.

Ardmore Investments Inc. entered into a purchase agreement to acquire 5,905.54 Acres of Oil and Gas Leases in the Beaver Oil Prospect from Pioneer Oil & Gas (OTCPK:POGS) for $0.37 million on August 8, 2013. On November 18, 2013, Petroterra Corp. entered into an assignment of Lease whereby Ardmore Investments Inc. assigned the rights of 5,905.54 Acres of Oil and Gas Leases in the Beaver Oil Prospect to PetroTerra Corp.

Of the total consideration, $0.07 million has been paid, $0.3 million would be paid in three equal installments of $0.1 million on or before December 12, 2013, February 12, 2014 and April 12, 2014. On December 12, 2013 and and February 12, 2014, two of installment payments to Pioneer were completed.