Pluris Energy's Subsidary Acquire Interest in Cerro Negro Concession
Pluris Energy Group Inc. announced that the Company's wholly owned Argentine subsidiary, Pluris Sarmiento Petroleo SA executed a definitive Purchase and Sale Agreement with Clear S.R.L. of Comodoro Rivadavia, Argentina to purchase a 75% operating interest in the Cerro Negro concession, Chubut Province, Argentina.
The Agreement includes consideration to be paid by the Company to Clear in the form of a cash payment totaling USD$21,000,000 on terms over a specified period of time and additional consideration in the form of 3,000,000 common shares of the Company deliverable to Clear over a specified period of time and subject to pooling provisions agreed to by Clear and Pluris Energy under a mutually agreed upon pooling agreement. The Company intends to accept transfer of operations and title to a 75% interest over the Cerro Negro concession upon financial closing of the transaction, which is targeted for the third quarter of 2008. Closing of the acquisition is subject to a number of conditions including obtaining all required third party consents.
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