CALGARY, Dec. 20, 2018 /CNW/ - Briko Energy Corp. ("Briko" or the "Corporation") commenced operations today as a new junior oil and gas exploration and development company. Briko was formed as a result of a plan of arrangement (the "Arrangement") involving Ikkuma Resources Corp. ("Ikkuma"), Pieridae Energy Limited ("Pieridae"), Briko and the shareholders of Ikkuma.
Pursuant to the Arrangement, Pieridae acquired all of Ikkuma's outstanding shares. The former shareholders of Ikkuma received, for each Ikkuma Share held: (i) 0.1926 of one common share of Pieridae; and (ii) 0.1 of one common share of Briko and 0.1 of one common share purchase warrant of Briko.
Briko is an Alberta Foothills Cardium light oil focussed company, with undeveloped land, crude oil and natural gas reserves and a production base with associated infrastructure.
The board of directors of Briko consists of Messrs. Michael Kohut, Mark Dickinson, Tim de Freitas and John Van de Pol. Mr. Kohut is also the President and Chief Executive Officer and William C. Guinan is the Corporate Secretary of Briko.
SOURCE Ikkuma Resources Corp.