LONDON (ShareCast) - Heritage Oil (Other OTC: HGOCF - news) has acquired 1.9m common shares in PetroFrontier Corp (Other OTC: PFRRF - news) , the company announced Tuesday.
Heritage, an independent upstream exploration and production organisation, now holds 15.86m or 19.98% of the outstanding shares of Petrofinder.
Heritage has also sold 2.31m previously acquired warrants.
The shares were purchased for investment purposes through TSX Venture Exchange for an aggregate price equal to CDN$278,160.
The FTSE 250 company may choose to increase or decrease its ownership of securities of PetroFrontier depending upon future market conditions.
Heritage shares rose 5.95% to 187.00p at 14:30 Tuesday, while oil and gas company PetroFrontier shares dropped 1.55% to 1,654.00p.