Benchmark Energy Closes Sale of its Cosmos Oil Field Stake

Benchmark Energy Corp. reports that it has completed the sale of the Company's 31.67% net interest in the
offshore Cosmos concession in Tunisia to a wholly-owned subsidiary of Calgary-based Storm Ventures International Inc. The Company received a total of US $5.65 million in cash, and will net approximately US$5.2 million after buying-out a carried interest holder; Benchmark had agreed to sell to SVI its interest as well as a 1.66% carried interest held by another party, for a total 33.33% interest. Benchmark carried the Cosmos interest on its balance sheet at a value of $458,926.

If SVI subsequently sells the Cosmos interest to an arms-length party during the first 6 months from the signing of the Sale and Purchase Agreement, Benchmark shall be entitled to receive 50% of any proceeds of the sale of
greater than US$6 million, net of costs.

The sale of the Cosmos interest in Tunisia permits Benchmark to focus all of its resources on opportunities in Latin America.

Benchmark is a junior Canadian oil and gas exploration company, focused internationally.

 

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