Franklin Considering Sale of Oil & Gas Assets
Franklin Mining (PINKSHEETS: FMNJ) officers and directors have begun reviewing options for the sale of company interests in oil and gas projects. If successful, Franklin Mining, Inc. and its wholly owned subsidiary, Franklin Mining, Bolivia S.A. would be able to concentrate solely on mining projects in Bolivia.
Several options for the sale of Franklin Oil & Gas, Bolivia S.A. and Franklin Oil & Gas, Argentina S.A. are currently under review with a decision expected to be announced within thirty days. Each of the options under consideration provide for payment of a dividend to current Franklin Mining, Inc. shareholders.
Franklin Mining, Inc. holds 51% interest in each of the two oil and gas subsidiaries. Projects that would be included in the sale include a GTL facility construction contract in Tierra del Fuego, Argentina and two Bolivian projects under Memorandum of Understanding. The Bolivian projects include the construction and future operations of GTL facilities in the Departments of Santa Cruz and Tarija. Franklin's MOU with Bolivia's national petroleum company preceded the May 1, 2006 nationalization of gas fields and has since been reconfirmed by YPFB.
Franklin Mining, Inc. has mining and energy interests in the United States and Bolivia as well as energy interests in Argentina. Franklin Mining, Bolivia S.A. is a wholly owned subsidiary. Franklin Mining, Inc. holds 51% ownership in both Franklin Oil & Gas, Bolivia S.A. and Franklin Oil & Gas, Argentina S.A.
- Franklin Sells Oil and Gas Division (Jan 22)
- Franklin, Epsur Ink LOI to Develop Oil Fields in Argentina (Aug 08)
- Franklin Mining to Provide Rigs with Cherokee and GTS (Jun 24)