12:57 PM EDT, 06/11/2018 (MT Newswires) -- Junex (JNX.V), a Quebec oil explorer, was up 32% after the company said Monday it agreed to be acquired by closely held Cuda Energy, which will also acquire Wyoming oil lands for US$37 million.

Cuda, which will change its name to Cuda Oil & Gas following the transaction. Shareholders of both companies will receive 3.5856 shares in the new company and 0.4167 of an arrangement warrants and the new company will then consolidate the shares on a 1-for-10 basis.

The combined company will be run by Cuda's management team and will have production of 1,200 barrels of oil equivalent per day and proved reserves of 3 million barrels of oil equivalent.

It will also have a 27% stake in the Barron Flats (Deep) unit in Wyoming's Powder River basin currently producing 280 net barrels per day and where Cuda has identified 70 infill-drilling locations.

Both boards of directors have approved the transaction.

Junex shares were last seen up $0.12 to $0.50 at last look on the TSX Venture Exchange after earlier touching a 52-week high of $0.55.