Petro Vista Energy Corp.
Sale of Subsidiary
We acted for Petro Vista Energy Corp. in respect of sale of its wholly owned subsidiary, Petro Vista Energy Petróleo do Brasil Ltda. (“PVEB”) to Maha Energy Inc., a NASDAQ First North listed and Canadian based exploration and production company. PVEB holds a 37.5% undivided working interest in the exploration and production contract covering the Tartaruga offshore hydrocarbon development block, located in the Sergipe Basin in Brazil.
Under the terms of the sale and purchase agreement Maha agreed to pay an aggregate of CDN $2.5 million for Petro Vista”s working interest. The sale completed on January 16, 2017 following receipt of approval from Petro Vista”s shareholders and from the Brazilian oil and gas ministry.
We also assisted Petro Vista in the negotiation and settlement of a loan agreement with Maha for funds to cover outstanding joint interest billing obligations of PVEB.