Pavilion Energy Resources has reached an agreement to acquire 75% equity interests in four giant and super-giant oil and gas properties for 55 million restricted Rule 144 shares in Pavilion Energy Resources. The company is acquiring the hydrocarbons interests from Placer Gold Corp (PGCR) and various private groups.
PVRE Management expects to create a more focused American oil and gas exploration-development company using these assets as part of a diversified oil and gas exploration portfolio.
OIL AND GAS ASSETS
Blake Ridge Natural Gas
The Blake Ridge claims arise from a joint filing made on April 10th, 2008, by the Company with the United Nations General Assembly, and the United States of America, for the sole and exclusive exploitation, development, marketing and extraction rights to the oil and gas resources of the seafloor and subsurface contained within the entire Outer Blake Ridge area beyond the exclusive economic zone of the United States. On April 10th, 2008, the Company and Partners lodged an unsolicited Lease Application on the Inner Blake ridge area with the MMS (the "Blake Ridge Claims"). (PVRE: 75% equity)
Arctic Ocean Commons Claim
On May 9th, 2006, Arctic Oil & Gas (formerly AOAG) representatives filed a claim with the United Nations General Assembly and the countries of Canada, Russia, United States of America, Norway and Denmark, claiming, as a responsible oil and gas development agent of the "common heritage of mankind," the sole and exclusive exploitation, development, marketing and extraction rights to the oil and gas resources of the seafloor and subsurface contained within the entire Arctic Ocean Common area beyond the exclusive economic zone of the Arctic Ocean's surrounding countries called the "Arctic Claims." (PVRE: 75% equity)
Bering Sea Abyssal Commons Claim
A recently released U.S. Geological Survey report indicates the Arctic region houses the equivalent of 412 billion barrels of oil, mostly natural gas, making it the largest source of untapped hydrocarbons on earth. Much of it lies beyond the existing 200-nautical-mile economic zones and thus is located within PGCR's 75% owned Arctic Claim.
California Santa Barbara Channel Lease Applications
The Company is a co-applicant for a group of offshore OCS and State leases in the Santa Barbara Channel covering known oil-gas deposits estimated to contain between 250 million to 500 million barrels of oil and gas equivalent. These resources have minimal geological risks being identified in known petroleum fields. Securing the leases will be subject to the State and Federal governments releasing the areas from any drilling moratoriums and accepting the applicant's previously proposed royalty and operations plans. (PVRE: 75% equity)
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