CALGARY, Alberta, March 26, 2014 (GLOBE NEWSWIRE) -- Petrox Resources Corp. (TSX-V:PTC) (the "Corporation") is pleased to announce that it has entered into a preliminary agreement for the proposed acquisition by the Corporation from an arm's length party of certain oil and gas properties located in Saskatchewan (the "Acquisition"). These properties include six producing wells and associated facilities which had a combined producing oil rate of approximately 40 barrels per day in the year 2013.
The Acquisition is subject to a number of conditions precedent including, but not limited to, the entering into of a definitive sale and purchase agreement by the parties on or before May 20, 2014 and the completion of satisfactory due diligence by the Corporation.
The target closing date for the proposed acquisition is May 31, 2014.
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