Franklin Sees Interest in Bolivian O&G Assets
Franklin Mining has received a proposal for the purchase of its interest in a Bolivian Oil & Gas corporation. A full review of the proposal is expected to be completed quickly.
Franklin Mining, Inc.'s officers and directors recently began searching for a suitable disposition of the company's oil and gas division. A suitable disposition would be one that allowed Franklin Mining executives and managers to concentrate on the core business of mining while providing the company and its shareholders with an anticipated return of investments made in acquiring and developing multiple energy projects in South America.
Franklin Oil & Gas, Bolivia S.A. has two Bolivian projects under Memorandum of Understanding. Both projects include the construction and future operations of gas-to-liquid (GTL) facilities. One project is in the Department of Santa Cruz and the other in the Department of Tarija. Franklin Mining, Inc. holds a 51% ownership in Franklin Oil & Gas, Bolivia S.A.
The Memorandum of Understanding with Bolivia's national petroleum company preceded the May 1, 2006 nationalization of gas fields and has since been reconfirmed.
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.
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