Premier Energy Snags Majority Stake in Russian O&G Operations

Premier Energy has acquired a majority interest in Karbon CJSC, which is engaged in the business of producing oil and gas from the North-Kopanskoye Oilfield, exploring and, if warranted, developing new commercial reserves of oil and gas. As consideration for the acquisition, the Company issued 107,406,000 shares of common stock.

Concurrent with the acquisition of the majority interest in Karbon, Alexey Goleshev, Bosko Popovic and Aslanbi Kodzokov joined Dr. Anton Prodanovic and Michael Yuster as executive officers and directors of the Company.