Saga Oil Assumes Control of Promgeotek

Saga Oil has paid the remaining $10 million and assumed full control of the subsidiary Promgeotek LLC. The last documents concluding the transaction was signed on January 18th and Saga is now the sole owner of Promgeotek and the Rodnikovsky License area. The 100% ownership is the last milestone for SAGA's positioning in the Russian market as a technically advanced E&P company, as it allows easier implementation and changes to better technology.