Pacific Rodera has agreed in principle to increase its working interest in EL 423 to 10%. Pacific Rodera is also increasing its ownership in EL 397 to 9%. There is one Significant Discovery License (SDL), which has been applied for on EL 397 respecting the Stewart Lake D-57 well. It is proposed that a second SDL will be applied for at a later date on EL 397 respecting the Summit Creek B-44 well, which tested at rates of approximately 20 mmcfd of natural gas and in excess of 6,000 barrels per day of light oil and condensate. Pacific Rodera's increased ownership in these properties is consistent with our commitment to expose our shareholders to the tremendous exploration upside available in this region.
Pacific Rodera also announced that it has closed its previously announced private placement with its new management team. The number of shares purchased by the team was increased to 3,650,000, which shares are subject to a four-month hold-period. The management team now owns in excess of 25% of the outstanding common shares of the Company. This significant ownership is consistent with management's objective of aligning their own interests with those of the shareholders.
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