Barnwell Of Canada, Limited and Octavian Oil Ltd. entered into a purchase and sale agreement to acquire oil and natural gas properties near Twining, Alberta from Eagle Energy Inc. (TSX:EGL) for CAD 13.8 million on July 20, 2018. The purchase price will be paid from available cash. The Purchase Price is exclusive of any applicable GST. Under the terms the, consideration includes CAD 13.8 million of which CAD 0.69 million will be escrow amount (to be paid at closing if closing occurs at closing time). The consideration is subject to post-closing adjustments. Certain of the assets which would be conveyed to Barnwell Canada and Octavian pursuant to the agreement are subject to third parties' rights of first refusal. If one or more of such third parties exercises their rights of first refusal, the assets being transferred to Barnwell Canada and Octavian would be reduced, as well as the purchase price to be paid by Barnwell Canada and Octavian. The transaction is subject to customary closing conditions and is expected to close on or about August 28, 2018. Eagle intends to use the net proceeds from the sale to reduce outstanding debt under its secured term loan and to further fund its North Texas development program. Tudor, Pickering, Holt & Co. Securities – Canada, ULC acted as financial advisor to Eagle Energy in the transaction. Bennett Jones LLP acted as escrow agent for the transaction. Barnwell Of Canada, Limited and Octavian Oil Ltd. completed the acquisition of oil and natural gas properties near Twining, Alberta from Eagle Energy Inc. (TSX:EGL) on August 28, 2018.