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Fortress Energy Inc. Acquires Shale Oil Interest in Reconcavo Basin, Brazil

Fortress Energy Inc. (FEI.TO) announced it has entered into a letter of intent to acquire 100% of the shares of a Brazilian private oil and gas company Alvorada Petroleo S.A. for an acquisition price of US$37 million. Alvorada owns a 100% working interest in 7 exploration Blocks located in the Reconcavo Basin, covering an area of approximately 200 sq km. In addition, Alvorada owns a 100% working interest in three onshore producing oil fields: Bom Lugar, located in the Reconcavo Basin, Jiribatuba, located in the Camamu Basin and Aracaju, located in the Sergipe Basin. These assets have current production of approximately 50 bbls/d of light oil.

The acquisition is subject to completion of due diligence, the execution of a formal purchase and sale agreement in due course and is also subject to regulatory approval in Canada and Brazil.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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