Blue Sky Resources Ltd. signed a Letter Agreement to acquire Petrolia Canada Corporation from Petrolia Energy Corporation (OTCPK:BBLS) for CAD 6.5 million on August 31, 2021. The company received a nonrefundable deposit of CAD 0.2 million on August 31, 2021. The remaining payment schedule is as follows: CAD 2 million on the closing date, CAD 1 million on or before October 31, 2021, less Petrolia’s contingent liabilities associated with the acquisition of Utikuma, and CAD 3.3 million on or before December 31, 2021. Petrolia Energy shall deposit Petrolia Canada shares in Escrow on the closing date and shall be released to Blue Sky upon the full payment of CAD 3.3 million, plus interest of 9%. If the closing is delayed, a delayed closing nonrefundable penalty of CAD 0.2 million will be due on or before September 30, 2021 which will allow for an extension of 30 days of the closing date. No employees shall be transferred to Blue Sky. The transaction is expected to close on September 30, 2021.