Magnus has raised over $26.5 million since it was founded in January 2005. This includes $2.2 million privately raised, $12 million raised in the Initial Public Offering, $2.2 million in the December 2005 private placement and $10.1 million in the most recent bought deal. Upon closing of the bought deal on February 28, 2006, Magnus had 29,506,093 Class A Shares and 1,044,000 Class B Shares issued and outstanding. Magnus entered into an agreement to acquire KVR Resources Ltd. in December 2005. On February 1, 2006, the company announced the shareholders of KVR Resources unanimously approved the acquisition and Magnus closed the business combination for $5.75 million in cash and 6,218,808 Magnus class A shares. Magnus gained new core areas in Galahad/Killam, Leahurst and Retlaw -- bringing the number of core areas in which Magnus operates up to eight. The company estimates that the production of KVR Resources upon closing of the acquisition was 65 bbls of oil equivalent (BOE) per day with a further 250 BOE per day anticipated to come onstream in May 2006. Magnus expects to drill a minimum of five wells in 2006 on the lands acquired through the acquisition of KVR Resources. As of March 31, 2006, Magnus owns approximately 120,000 gross acres (187 gross sections) of freehold and Crown land. Magnus has exclusive access to an additional 40,000 gross acres (62 sections) of undeveloped land through various farmin and rolling option agreements.
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