Advantagewon Sells It's Saratoga Property for $425,000 USD and Settles All Remaining Long Term Debt

Source Press Release
Company Advantagewon Oil Corp. 
Tags Equity Financing, People, Asset Deals, Deals, Upstream Activities
Date May 16, 2019

Advantagewon Oil Corp., (CSE: AOC) (OTCQB: ANTGF) (the "Corporation", "Advantagewon", "AOC") announced today that it had entered into, and that it had completed a purchase and sale agreement whereby the Corporation has sold its entire interest stake in its Saratoga Area Properties located in Hardin County Texas.

The Corporation has sold the Saratoga Property for Four Hundred and Twenty Five Thousand Dollars ("$425,000.00") USD to a privateindependent operator located in the State of Texas. Advantagewon held the rights to the leases on the Saratoga Property since 2013 and had drilled one oil well in April 2014. The Corporation elected to sell the property, as oil production on the property had declined and, as a deep expensive development area, the Corporation had no further plans for additional drilling. Development will be focused on the core properties in the LaVernia area of Texas.

The Corporation also announced today that it had entered into a debt settlement agreement with Fountain Asset Capital ("Fountain") of Toronto, where the Corporation will eliminate Three Hundred and Fifty-One Thousand, Four Hundred and Twenty-Eight Dollars ("$351,428.00") CDN worth of debtowed by the Corporation to Fountain. The Corporation has agreed to make a one-time lump sum cash payment amounting to Two Hundred and Thirty Thousand Dollars ("$230,000.00") CDN to Fountain. The Corporation has also agreed to issue to Fountain, Four Million and Forty-Seven Thousand, Six Hundred ("4,047,600") Common Shares at a price of Three Cents ("$0.03") CDN per Common Share. After the issuance to Fountain of the 4,047,600 Common Shares, Fountain will control less than 9.9% of the outstanding Common Shares of the Corporation which will not result in a change of control of the Corporation as defined by NP 51-201.

Mr. Charles Dove stated: "With the elimination of the debt owed to Fountain Asset Capital, the Corporation has now eliminated approx. $1.3M CDN in debt from of its balance sheet over the course of the last year and is free of all long term debt. We appreciate Fountain's willingness to settle the debt AOC owed Fountain, and we appreciate that Fountain has continued to hold its position in AOC."

The Corporation further announced that Jason Ewart had resigned from AOC's Board effective immediately. The Corporation's Directors wish to thank Mr. Ewart for his time serving on the Board, and the Directors wish him well in his future endeavours.

Source: EvaluateEnergy® ©2019 EvaluateEnergy Ltd