According to their management, Benchmark and its advisors undertook a due diligence review of Rancho and its assets. Based on the results of this review, and in particular the results of an evaluation of Rancho's reserves by Sproule International Limited, Benchmark terminated the Agreement. Benchmark has stated that they are continuing to discuss with the Vendors the possibility of restructuring the proposed acquisition on a basis that is acceptable relative to Benchmark's acquisition criteria and other opportunities.
According to Radial CEO, Leigh Lyons, "We are encouraging Benchmark and Rancho to continue negotiations that may lead to a possible restructuring of the terms of the acquisition."
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