The LOI states, that upon completion of due diligence, South Sea and CBM will negotiate a formal, definitive assignment and acquisition agreement, or other transaction structure, whereby South Sea would acquire beneficial right, title and interest of the CBM Project. The LOI calls for a definitive agreement to be signed on or before July 1st, 2007 and is subject to the terms and conditions of the LOI.
The full terms and conditions of the LOI will be disclosed in South Sea's report on Form 8K to be filed with the Securities and Exchange Commission ("SEC").
In related news, the Company has appointed Mr. Alan T. Charuk as President, Chief Executive Officer, and a Director of South Sea Energy Corp. Mr. Charuk served as Executive Vice-President of Norwood Resources Ltd, a junior oil and gas company with operations in Nicaragua. Mr. Charuk has served on the board of several other junior resource companies and brings extensive experience in developing a successful exploration and development company.
South Sea Energy Corp. is an emerging junior energy company specializing in the exploration and development of coal bed methane in Indonesia's vast coal reserves.
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