i3 Energy entered an option agreement with Toscana Energy in March 2020 to acquire all of the issued and outstanding common shares in Toscana. i3 exercised this option in June. Toscana shareholders will receive 0.0281 of an i3 Energy ordinary shares for each Toscana common share. The resulting issuance of 4,399,244 shares in i3 will be listed on the Toronto exchange.
Toscana’s portfolio contains several low-decline enhanced oil recovery properties. Its asset portfolio is further complimented with 45.9 net sections in the Marten Hills and Nipisi areas of Central Alberta which sits atop the lower cretaceous Clearwater formation, a conventional oil play producing 13° to 23° API crude oil.