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Article: Canacol Energy Ltd. Announces Farmout of Takutu Basin, Guyana.
- Article from:
- Marketwire Canada
- Article date:
- November 6, 2009
CopyrightCOPYRIGHT 2009 Canadian Corporate News. News Provided by Comtex. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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CALGARY, ALBERTA, Nov 6, 2009 (Marketwire via COMTEX) -- Canacol Energy Ltd. ("Canacol" or the "Corporation") (TSX VENTURE:CNE) is pleased to announce that it has completed a farmout agreement with Sagres Energy Inc. ("Sagres") of Calgary, whereby Sagres has acquired a 25% interest in the Takutu Basin Petroleum Prospecting Licence in Guyana. On closing Sagres paid USD$1,250,000, to be applied firstly to 30% of prior direct costs incurred by Canacol, then to 30% of future cash calls to a maximum of USD$1,750,000, and 27.5% of cash calls thereafter. Sagres is entitled to 30% of revenues until recovery of its first USD$3,000,000 paid to Canacol, 27.5% of revenues until full ...