Valkyries Petroleum Signs New Deal in Southern Russia

Valkyries Petroleum has signed a new deal to acquire a 51% controlling interest in an oil field in the Kalmykia Republic in Russia. Under the terms of the agreement, Valkyries would purchase 100% of the shares of Mintley Cyprus Limited which holds a 51% interest in CJSC Kalmeastern whose principle asset is a 100% interest in the Caspian Field project.

In consideration for this transaction, Valkyries would replace a US$5.2 million existing debt facility and provide a loan to Kalmeastern for the next US$5 million of development expenditures. Valkyries will also grant to Mintley Investments a payment of US$1 million in consideration of past costs and up to 5 million shares of common stock. In connection with this transaction, Valkyries will also acquire a 50% interest in the Ulan Khol rail terminal. The closing of the deal is subject to regulatory approval.

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