Xemplar Energy Corp. (TSXV:XE) entered into a purchase agreement to acquire Pecan property for $9 million in cash on June 5, 2012. Xemplar paid $0.1 million as earnest money to the vendors. During the period for due diligence which terminates on July 9, 2012, Xemplar Energy has the option to terminate the purchase agreement and receive the return of the earnest money. The completion of the acquisition is conditional upon regulatory including exchange acceptance and shareholder approval. Completion of the acquisition is expected to take place on or about August 1, 2012. As of July 25, 2012, Xemplar received conditional approval from the TSX Venture Exchange. The acquisition remains subject to shareholder approval which will be sought by Xemplar at a special meeting of its shareholders to be held on August 15, 2012. Capital Farm Credit ACA has provided Xemplar Energy with a financing commitment to provide Xemplar Energy with debt financing in the amount of $6.3 million. Xemplar Energy will fund the balance of the purchase price for the property from its existing cash resources. It is expected that the acquisition will be completed on or about August 15, 2012. As of August 15, 2012, the transaction was approved by Xemplar shareholders. As on September 5, 2012, the Sellers of the property have extended the closing date to October 2, 2012.