Total consideration payable by Tekoil will exceed $50 million and may be as much as $80 million under the terms of the agreement. Closing of the transaction is subject to a number of conditions, including completion of due diligence and arrangement of the balance of the necessary financing, which Tekoil is pursuing. The agreement provides for the closing to occur in December, 2006.
Houston-based Tekoil & Gas Corporation focuses on the development, acquisition, stimulation, rehabilitation and asset improvement of small- to medium-sized oil and gas fields.
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