Petrolia Energy Corporation (OTCPK:BBLS) signed a letter of intent to acquire 50% stake in approximately 28,000 acres in Utikuma Lake Area in Alberta, Canada from Blue Sky Resources Ltd. for CAD 2.75 million on December 16, 2019. The Working Interest is held in the name of the Petrolia Canada Corporation, a wholly owned subsidiary of Petrolia Energy Corporation. The transaction was financed from borrowing of approximately CAD 1.35 million through an existing line of credit and an additional CAD 1.35 million raised via short term bridge loan with a maturity date of January 30, 2021. Petrolia Energy Corporation (OTCPK:BBLS) completed the acquisition of 50% stake in approximately 28,000 acres in Utikuma Lake Area in Alberta, Canada from Blue Sky Resources Ltd. on May 29, 2020.