Novus Energy Inc fka NVS

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Wednesday, December 22, 2010

Novus Energy to acquire assets in Dodsland, Saskatchewan, expands core operations

Calgary-based junior oil and gas company Novus Energy (TSX-V: NVS) said Wednesday it has agreed to acquire certain assets, through two separate transactions, within its greater Dodsland, Saskatchewan core operational area.

The first transaction will see Novus purchase a 75% working interest in 1.75 sections (1,120 acres) of land in the Dodsland area for a price of $135,003, payable through the issuance of 122,730 Novus common shares at a price of $1.10 per share.

Through the second deal, Novus will purchase one section (640 acres) in the Dodsland area for a purchase price of $600,000, payable through the issuance of 500,000 Novus common shares at a price of $1.10 per share and cash consideration of $50,000.

Both transactions are due to close before year-end, subject to regulatory approvals


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