Franklin Finds Buyer for Bolivian Oil & Gas Assets
Franklin Mining and East Delta Resources have reached a tentative agreement by which East Delta will buy Franklin Mining's 51% ownership interest in Franklin Oil & Gas, Bolivia S.A. The purchase price has been set at twenty million shares of East Delta common with an anticipated closing on or before October 15, 2007. Franklin Oil & Gas, Bolivia S.A. will retain its full corporate name and continue operating as a Bolivian corporation.
Franklin Oil & Gas, Bolivia S.A. has two Bolivian projects under Memorandum of Understanding from YPFB (Yacimientos Petroliferos Fiscales Bolivianos), Bolivia's national petroleum company. 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.
The Memorandum of Understanding with YPFB precedes the May 1, 2006 nationalization of gas fields and has since been reconfirmed.
About Franklin Mining, Inc: 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.
East Delta is a publicly traded Delaware corporation whose primary activity is in natural resources development and production. Until recently the geographic focus of the Company was specifically Southeast Asia but is also seeking lucrative opportunities worldwide.
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