TransAmerican announced the appointment of Louis Lapointe as President. Mr. Lapointe, a fully bilingual native of Quebec, has worked with several merchant banks over the past few years and brings a much needed presence in Quebec for TransAmerican. Mr. Lapointe's extensive knowledge of corporate capital structures will prove valuable as the Company moves forward. Ron Hughes, the former President, will stay on as Chief Executive Officer and a director.
The Company and its minority partner Dumasbancorp ULC have entered into an agreement with the Autonomous Innu Government of Pessamit ("Pessamit"), for the purpose of conducting hydrocarbon (oil and gas) exploration in certain identified areas located in the estuary of the St. Lawrence River in the Côte-Nord region, that may contain significant quantities of oil and gas. The Consortium, led by the Company, has taken steps to obtain Pessamit's exclusive consent to conduct exploration work in Pessamit's territory (the "Pessamit Territory"), and on other lands and territories located in the Nistassinan of the Innus of Pessamit. An initial work program, consisting of geophysics surface work at a cost of approximately $100,000, is anticipated to be conducted during the months of January through March 2011. The initial exploration work will be followed by additional work during the spring of 2011, provided that the initial exploration work is conclusive. Pessamit has agreed that the Company may undertake an oil and gas exploration program in the Pessamit Territory, based on the Company's commitment to offer Pessamit an opportunity to be involved in a possible exploitation of an oil and gas field that may be uncovered in the Pessamit Territory.
The Company anticipates expending up to $1,000,000 to conduct the exploration program in the Pessamit Territory. TransAmerican and Dumasbancorp ULC have agreed that Pessamit will hold a carried interest in any oil and gas field that may be uncovered on their lands, and that if such a field is uncovered, the nature and terms of Pessamit's involvement in a possible exploitation of such oil and gas field shall be defined and agreed by the parties in a formal final agreement to be prepared, which will be subject to receipt by TransAmerican of any required regulatory approval.
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