Stealth Ventures to Acquire Oil and Gas Company in India

Stealth Ventures Ltd., a junior oil and gas development company based in Calgary, has signed a binding agreement to acquire a private company with working interests in producing oil and gas, assets coupled with exploration acreages, in India. Terms of the acquisition include a 30% working interest in producing oil and gas assets and a 10% working interest in oil and gas acreages. The transaction is valued at US$45 million and viewed as part of an arrangement that involves the acquisition of the entire equity shares of the target company. The purchase consideration will be settled with a split of US$20 million in cash and the equivalent of US$25 million in non-voting shares of the private company. The transaction will be completed after necessary approvals from the government of India are received.