Netherlands continental shelf: Block M7
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Cirrus Energy Corp. said that its wholly owned subsidiary, Cirrus Energy Nederland B.V., has entered into an agreement with Nederlandse Aardolie Maatschappij B.V. (NAM) whereby Cirrus will acquire NAM's 31.25% interest in the M7 license on the Netherlands continental shelf in consideration for a sliding scale royalty payable to NAM out of future production revenues. Cirrus is currently the operator of the M7 license with a 13.06% interest.
The interest to be acquired could be reduced by 5%, to 29.6875% if an option to participate in the acquisition, granted to a company affiliated with a Cirrus director, is exercised.
The transaction has an effective date of April 1, 2006, and is expected to close by September 30, 2006, subject to pre-emption rights and approvals by partners and the relevant government and regulatory authorities.
Cirrus Energy Corp. is an international oil and gas company headquartered in Calgary and currently has 43,267,333 common shares outstanding (45,832,333 fully diluted).
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