As a part of the acquisition, the Company terminated its funding agreement with Domain Development Partners I, LP ("Domain") by a cash payment of $1.3 million. Domain had, over the last one year, provided the capital to develop the Brazos Field.
A reserve report for the Tana properties prepared by an independent engineering firm reported discounted values as of April 1, 2006 for Proved Reserves and Probable Reserves of $98 million and $72 million, respectively.
Commenting on the acquisition, Ilyas Chaudhary, Capco's CEO, said, "This acquisition is a major milestone for Capco; allowing the Company to establish a firm presence in the Gulf Coast region as well as setting up its infrastructure necessary for production, exploitation, and exploration of its properties."
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