A private company entered into an agreement to acquire 14.5% non operating working interest in Jayar from Exall Energy Corporation (TSX:EE) for CAD 1.8 million.

A private company entered into an agreement to acquire 14.5% non operating working interest in Jayar from Exall Energy Corporation (TSX:EE) for CAD 1.8 million in cash on September 24, 2012. As a part of the transaction, Exall is also entitled to receive 50% of the proceeds in excess of CAD 1.8 million resulting from the sale of the property, in certain circumstances, provided such sale occurs within 24 months of the effective date of the transaction. The transaction is subject to approval under Part V of the Toronto stock exchange, for which it has received conditional acceptance and remains subject to receipt of final acceptance by the TSX.

Exall Energy will use the proceeds from the transaction to fund its North Marten Mountain development program and evaluate and prove up the 2012 3D seismic program. The transaction was approved by the Board of Exall on September 24, 2012.