Maha Energy Inc entered into a binding memorandum of understanding to acquire a 37.5% interest in Tartaruga Block from Petro Vista Energy Corp. (TSXV:PTV) for CAD 2.5 million in cash on May 20, 2015. The first tranche of the purchase price, being CAD 1.5 million will be paid upon receipt of the approvals while the second tranche of CAD 1.3 million is scheduled to be paid on December 31, 2015. The transaction is subject to approval from Brazilian National Oil Agency Agência Nacional do Petróleo, Gás Natural e Biocombustíveis, TSX Venture Exchange and shareholders of Petro Vista and completion of certain related corporate transactions by Maha Energy. Petro Vista anticipates the execution of the Definitive Agreement on or before October 31, 2015. On January 15, 2016, Maha Energy Inc entered into a binding definitive agreement to acquire a 37.5% interest in Tartaruga Block from Petro Vista Energy Corp. (TSXV:PTV). Agência Nacional do Petróleo, Gás Natural e Biocombustíveis confirmed that no additional approvals are required from Agência Nacional do Petróleo for Maha to proceed with the transaction. As part of the deal Maha also agreed to loan Petro Vista an unspecified sum to cover its outstanding obligations for the Tartaruga block. Shareholders of Petro Vista Energy Corp. approved the transaction on March 29, 2016. As on November 30, 2016 Petro Vista Energy Corp. received the regulatory approval for the transaction. Petro Vista Energy Corp. extended the final payment on or before December 31, 2016. Maha Energy Inc completed the acquisition of 37.5% interest in Tartaruga Block from Petro Vista Energy Corp. (TSXV:PTV) for CAD 2.4 million on January 13, 2017. Total gross cash consideration received by the Company from Maha was CAD 2.5 million, less CAD 0.11 million of purchase price adjustments, for net sales proceeds of CAD 2.4 million, which was released from escrow on January 16, 2017.