PEYTO OILS LTD. Calgary. has acquired POLARIS OIL LIMITED, Calgary based privately owned oil and gas exploration company.
Polaris, in addition to oil and gas reserves and working capital, has land holdings in all four Western provinces, Montana and North Dakota. It also holds a 10% interest in Block 3/7 located in the U. K. sector of the North Sea.
Peyto will issue a total of 383,333 of its treasury shares for this acquisition, subject to approval of regulatory authorities.