California Oil & Gas Corporation has executed a Letter of Intent with Consolidated Beacon Resources Ltd. ("Beacon") to acquire the majority of their assets in the San Joaquin basin in Southern California for a combination of cash, COGC common shares and warrants.
This acquisition will increase COGC's interest in the Bakersfield area of the San Joaquin Basin. Included in the acquisition are interests in oil and gas leases within the 35.2 square mile seismic survey recently completed with partners in the East Slopes Project. There are additional leases in the East Slopes North Area as well as a portion of the additional acreage acquired jointly with COGC as announced November 20, 2007.
Total consideration to Beacon will be CDN$1,250,000 in a combination of cash, common shares, and warrants of COGC. The effective date of the proposed transaction is February 1, 2008, with closing anticipated March 10, 2008, or such other date as agreed by the parties. The offer is subject to approval by the regulatory authorities having jurisdiction, approval of the final Purchase and Sale Agreement by the boards of directors of both COGC and Beacon, and by the shareholders of Beacon.
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