Stetson Oil and Gas Ltd. Closes 10% Acquisition of Exploration Block in the Llanos Basin of Colombia
17 Mayo 2011 - 3:01PM
Marketwired
STETSON OIL & GAS LTD. (TSX VENTURE: SSN) ("Stetson" or the
"Company") is pleased to announce that it has closed its previously
announced farm-out of a 90% interest in the Llanos Basin Block (the
"Block") to a wholly-owned subsidiary of Sagres Energy Inc.
("Sagres") in consideration for the Company retaining a 10% carried
interest during the first exploration phase (the "Carried
Interest") (See News Release dated April 20, 2011).
The Block has an area of 51,190 Ha (gross) and is located in the
Llanos Basin of Colombia, a prolific basin in the foreland of the
Colombian Andes. The Block is on trend with existing and new
discoveries and is also close to the giant Cano Limon field.
Currently, there is around 900 km of 2D seismic data over this
Block. Existing 2D seismic has identified a significant lead over
this block and it is possible that future seismic programs will add
to the estimated prospectivity of the Block. The Block carries an
additional royalty of 1% payable to the Government of Colombia in
addition to the basic royalty scheme established under Colombia
Law, being 8% for up to 5,000 bopd of production and increasing to
25% for a 600,000 bopd field. All other terms of the contract are
standard to the model Colombian E&P Contract. Sagres will have
an option to acquire the Company's Carried Interest in the Block
over the next twelve months at a mutually agreed price.
Stetson is a junior oil and gas company with exploration,
development, and production assets in North Dakota, USA.
Cautionary Note Regarding Forward-Looking Information: This
press release contains "forward looking information", within the
meaning of applicable Canadian securities legislation. Forward
looking information includes, but is not limited to, statements
with respect to the prospective nature of the Block; current
strategic initiatives; prospective nature of the Company's
properties; estimates regarding future production; and the future
financial and operating performance of Stetson and its projects.
Forward-looking information is subject to known and unknown risks,
uncertainties and other factors that may cause the actual results
to be materially different from those expressed or implied by such
forward-looking information, including but not limited to: general
business, economic, competitive, political and social risks and
uncertainties; risks relating to oil and gas exploration and
exploitation activities; oil and gas prices; transaction risks; and
delays in obtaining regulatory approvals. Although Stetson has
attempted to identify important factors that could cause actual
results to differ materially from those contained in forward
looking information, there may be other factors that cause results
not to be as anticipated, estimated or intended. There can be no
assurance that such statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking information. Stetson does
not undertake to update any forward-looking information, except in
accordance with applicable securities laws.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
Contacts: Ahmed Said Chairman & CEO +1 (403) 263 3000
asaid@forbesenergygroup.com Bob Petryk Operations Manager +1 (403)
531 1711 bpetryk@forbesenergygroup.com
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