Gulf Oil and Gas accountACCOUNT

Calvalley Petroleum Farms Out 5% Working Interest in Yemen

Source: www.gulfoilandgas.com 1/27/2004, Location: Middle East

Share |
Calgary, Alberta, January 27, 2004 - Calvalley Petroleum Inc. (the “Company”) announces that effective January 23, 2004 it has redeemed its $3 million convertible debentures. On December 23, 2003 Calvalley notified the holders of the Company’s convertible debentures of its intention to redeem the debentures at par along with all unpaid and accrued interest. The holders have accepted redemption and a total payment of $3,344,753.42 was made to them on January 23, 2004.

The Company has farmed out an additional 5% working interest in exchange for $US 2.5 million, to its Yemen partner, Hoodoil Ltd. under an option agreement that was granted in 2001.

Calvalley has closed the $500,000 sale of its remaining Canadian operated oil and gas properties, effective December 1, 2003. The company is now positioned to focus 100% of its efforts on the development of Block 9 in the Republic of Yemen. The Company is the operator and 55% majority owner of Block 9 on which it has drilled four successful exploration wells over the past two years.



Acquisitions and Divestitures News in Yemen >>

Thailand >>  6/21/2018 - Shell announced that its affiliates, Shell Integrated Gas Thailand Pte Ltd and Thai Energy Company Ltd, have completed the sale of their 22.2222% inte...
Croatia (Hrvatska) >>  6/20/2018 - Eni and INA-INDUSTRIJA NAFTE, d.d. have signed an agreement to enable INA-INDUSTRIJA NAFTE, d.d. to acquire 100% of Eni Croatia b.v., that currently p...

Egypt >>  6/20/2018 - Eni has finalized a 10% stake sale in the Shorouk concession to Mubadala Petroleum, a wholly-owned subsidiary of Mubadala Investment Company. The Shor...
Norway >>  6/20/2018 - Royal Dutch Shell plc, through its affiliate A/S Norske Shell, has reached an agreement with OKEA AS to sell its entire 44.56% interest in Draugen and...

Norway >>  6/19/2018 - The Norwegian Petroleum Directorate has granted Norske Shell a drilling permit for wildcat well 6304/3-1 in production licence PL 832. Well 6304/3-1 w...
Brazil >>  6/18/2018 - Petrobras, further to the Material Fact of 04/03/2018 and Press Release of 05/23/2018, informs the beginning of the non-binding phase related to the s...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Yemen Oil & Gas 1 >>  2 | 3 | 4 | 5 |

More News

 

Oil & Gas Companies in Yemen >>


Related Links

AE BH IL IQ JO KW LB OM QA SA SY YE
Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.