Heritage Oil, an independent upstream exploration and production company, has enlarged its stake in PetroFrontier with the purchase of 1.8m common shares.
The shares, which were purchased for CDN$166,320, are equal to 2.27% of the outstanding shares and will take the group's stake to 17.58%.
The company also holds 2.3m warrants of PetroFrontier, which are convertible to 2.3m shares on exercise. If exercised Heritage will own about 19.91% of the outstanding shares of PetroFrontier.
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