Reabold Resources (AIM:RBD) has entered into an exclusivity agreement granting Zenith Energy the exclusive right to evaluate the potential acquisition of Reabold's shares in Daybreak Oil and Gas.
The small-cap firm's stake represents 42% of Daybreak shares, and, if it goes ahead, the disposal would sit alongside Reabold's stated plan to balance proceeds from asset sales across shareholder returns and reinvestment in new projects.
Zenith Energy, meanwhile, is seeking to acquire additional holdings in Daybreak through concurrent negotiations with another partner, to potentially acquire a total of 82% of the California oil company.
