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BRIEF-Mitra to acquire 100% interest in Stag Oilfield

Published 2016-07-26, 02:08 p/m
© Reuters.  BRIEF-Mitra to acquire 100% interest in Stag Oilfield

July 26 (Reuters) - Mitra Energy Inc MTE.V :

* Mitra has identified various cost reduction measures to continue to lower operating costs for Stag Oilfield

* Proposed acquisition will be effective from 1 July 2016, resulting in an immediately cash-generating asset for Mitra

* Mitra to acquire 100% interest in Stag Oilfield

* Deal for total cash consideration of US$10 million plus adjustments

* Says will be conducting a private placement to raise a total of up to C$65 million (approximately US$50 million) Source text for Eikon: Further company coverage: MTE.V

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