Petrocapita Income Trust (CNSX:PCE.UN) entered into an agreement to acquire substantially all assets of Palliser Oil & Gas Corporation on July 5, 2016. The transaction is subject to the approval of the Court of Queen's Bench of Alberta. FTI Consulting Canada Inc. acted as receiver manager for Palliser Oil & Gas Corporation. Petrocapita Income Trust (CNSX:PCE.UN) completed the acquisition of substantially all assets of Palliser Oil & Gas Corporation for CAD 3 million on July 11, 2016. In addition, Petrocapita will pay gross overriding royalty of 1.5% on the assets acquired in favor of Palliser’s lender effective for a period of five years from closing and in respect of any calendar month when the average daily selling price for the near month light, sweet crude oil future contracts as reported by the New York Mercantile Exchange in US dollars for West Texas Intermediate oil exceeds $80.00 (CAD 104.28) per barrel. The transaction is approved by the Court of Queen's Bench of Alberta on July 11, 2016. Petrocapita announces gross proceeds from the sale of CAD 5 million secured debentures. Of the amount, CAD 3 million was spent for the acquisition. Currency conversions were done through www.oanda.com as of July 11, 2016.