The Directors of Victoria Petroleum NL advised that the Company has accepted an offer from Adelaide Energy Limited to purchase Victoria Petroleum's wholly owned subsidiary Victoria Petroleum USA, Inc.
Under the terms of the offer, Adelaide Energy Limited will pay Victoria Petroleum NL A$3,300,000 subject to completion of a Purchase and Sale Agreement and satisfactory due diligence and retaining the Victoria Petroleum USA Inc office and staff as an ongoing entity in Denver, Colorado.
Victoria Petroleum USA, Inc. holds the Company's oil and gas assets located in the USA. The sale of the Company's USA assets is in keeping with Victoria Petroleum's strategy of focussing its activities solely on its Australian oil and gas interests -- oil exploration and production in the Cooper Basin and development of its coal seam gas resource in the Surat Basin, Queensland. Proceeds from the sale of the USA assets will allow for accelerated exploration and development activity in Victoria Petroleum's Australian interests.
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