Xtract Energy Increases Investment in Elko Energy
Xtract reports a further investment of US$2.0 million in Elko Energy Inc through a private placement. Pursuant to the private placement, Xtract's wholly owned subsidiary Cambrian Oil and Gas Plc (COIL) received 4million new common shares in Elko at a cost of US$0.50 each in cash. Following the placement and the issue of an additional 300,000 common shares to COIL in consideration for a due diligence fee payable by Elko to COIL, COIL's total holding represents approximately 36.5% of the issued capital of Elko.
Rudy Kleiber, President and CEO of Elko commented, "We are very pleased to have the continuing support of Xtract as we prepare for operations in the Netherlands sector and for exploration of our Danish interests during 2008".
Andy Morrison CEO of Xtract commented, "Elko has made great steps through 2007 and is well poised for the next phase of its operations. Our holding in Elko offers investors an opportunity to participate in some of the most exciting exploration acreage in the North Sea. It is a gem in our portfolio that we do not expect to remain hidden for much longer".
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Company: Elko more info
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