Fox Petroleum, Camelot Oil Sign LOI
Fox Petroleum has signed a Letter of Intent with Camelot Oil to develop and finance oil projects located in Latin America.
Camelot Oil Energy S.A. is active in Exploration & Production "E&P" of crude oil concessions mainly in Colombia and Peru. Camelot has negotiated the exclusive rights for a participation of 70% in the Oil Concession Block VMM12 (in the Valle Medio Magdalena in Colombia).
Based on positive seismic results and exploration wells during the exploration process in the VMM12 oil concession, recoverable reserves could reach 3.5 million barrels by the end of next year and 17,500,000 barrels by late 2013, with an estimated book value (assets) of $367,000,000 given the proper geological assessment.
The Oil Concession Block VMM12 in Colombia was awarded, in 2009, to Conequipos, for thirty years by the Colombian Government agency: ANH. Camelot has exclusivity on the Concession. Subject to positive seismic results, and exploratory wells, the anticipated oil reserves, by the end of the 3rd year, could be in the vicinity of 50 million barrels of oil of which 17 million barrels would be recoverable.
Camelot Oil expects the Valle Medio project to take part over four phases and expects to start phase one, initial seismic work during the third quarter of 2011.
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