Heritage Oil boosts stake in PetroFrontier

published 6 December 2012

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.