The swap was based on independent third party engineering evaluations. The value of the additional interests JED is acquiring in Ferrier was determined to be approximately $44 million on a 10% net present value (NPV) basis. The effective date of the transaction is July 1, 2006 with closing scheduled for September 28, 2006 subject to several conditions, including receipt of required consents and approvals by both parties.
At closing of the asset swap, the existing farmout, joint services and business principles agreements between the parties will be terminated.
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