Suroco Energy Inc. (TSX Venture Exchange: SRN) is pleased to announce that it has entered into a definitive agreement for the arm's length acquisition of interests in the Suroriente Block, Arjona Field, Alea 1947 C Block and Alea 1848 A Block in Colombia currently held by Alentar Holdings Inc.
The acquisition is going to be made 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 Board of Directors and management of the Corporation feel strongly that the Proposed Transaction, which will increase the Corporation's participating interest in four of its core properties, is a very beneficial opportunity.
In the Suroriente Block, the increased participating interest will add oil production of approximately 120 barrels per day to the Corporation. The two recently awarded Alea Blocks are at an early exploration stage where seismic is expected to be acquired in early 2009. -- www.cnxmarketlink.com
Comment and add to the story without registration, but keep the comments meaningful please. Links are not accepted.
