Suroco Amends Sale Agreement for Colombian O&G Assets
Suroco and Alentar Holdings have agreed to amend the purchase and sale agreement (the "Agreement") dated October 7, 2008 between the Corporation and Alentar. As previously announced in the Corporation's October 8, 2008 press release, the Agreement provides for the proposed acquisition (the "Transaction") by the Corporation of oil and gas interests in Colombia currently held by Alentar, in exchange for 8,700,000 common shares in the capital of the Corporation at a deemed price of US$1.00 per share and 4,000,000 Contingent Value Rights.
The Agreement has been amended to change the "Closing Date" (as defined in the Agreement) to March 31, 2009. Certain other amendments to the termination clauses in the Agreement were also made.
The Corporation and Alentar are awaiting regulatory approval for the Transaction, which the Corporation expects to receive in March. The
Corporation expects to be able to complete the Transaction very soon after that regulatory approval has been received.
The Corporation is Calgary-based junior oil and gas company, which explores for, develops, produces and sells crude oil, natural gas liquids and natural gas in Central and South America, Western Canada and the United States of America.
- Drilling Commenced at Suroco's Pinuna-6 Well (Aug 12)
- Suroco Picks Up Colombian Block (Jul 12)
- New Production to Put Suroco Ahead of Targeted Growth (Feb 08)