Premier Energy signed a binding agreement and closed on the acquisition of the remaining 49% interest in Karbon CJSC from Auxerre Trading Ltd. Premier Energy is a U.S.-based international oil and gas company organized under the laws of the State of Florida. Karbon CJSC is a closed joint stock company incorporated in the Russian Federation.
Premier Energy now owns 100% of Karbon CJSC, which holds the exploration and production license for the North-Kopanskoye Oil & Gas Field in the Orenburg Region in the Volga-Urals Basin.
Premier Energy must raise the capital needed to continue the planned work-over on existing wells and drilling of new production wells according to the approved North-Kopanskoye development plan. There is no guarantee that such financings will be available or, if available, that the terms will be acceptable. Thus, there is no guarantee that the planned development activities will be completed.
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