Canadian junior Perisson Petroleum has signed a memorandum of understanding to buy privately held conventional explorer Flushing Energy in the first of a "series" of planned acquisitions.
No firm deal or price has been agreed, but Toronto-listed Perisson said it plans to close the deal with equity "in an amount to be negotiated between the parties".
Calgary-based Flushing holds high working interests across acreage in Saskatchewan and Manitoba.
