Falcon will focus on companies that can add value to the Company's oil and gas project in Hungary by contributing to the technical understanding of the assets, accelerating development, securing services required for commercial production of oil and gas, and/or granting access to high-value end markets.
Falcon President, Chairman and CEO Marc A. Bruner stated:
"Today's announcement is part of the Company's long-term plan and commitment to prepare for large-scale drilling and development on our 245,000-acre production license, and reflects our focus on laying the foundation to move beyond exploration to production. Falcon's short-term goals and strategy have not changed. We will determine the most appropriate course of action as we continue to evaluate our results in the field over the next several weeks and months, as we work to take appropriate steps to address the commercial development phase."
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