Heritage Oil has acquired 1.9m common shares in PetroFrontier Corp, the company announced Tuesday.
Heritage, an independent upstream exploration and production organisation, now holds 15.86m or 19.98% of the outstanding shares of Petrofinder.
Heritage has also sold 2.31m previously acquired warrants.
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The shares were purchased for investment purposes through TSX Venture Exchange for an aggregate price equal to CDN$278,160.
The FTSE 250 company may choose to increase or decrease its ownership of securities of PetroFrontier depending upon future market conditions.
Heritage shares rose 5.95% to 187.00p at 14:30 Tuesday, while oil and gas company PetroFrontier shares were up 7.69% at CDN$0.14 in Toronto.
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