Gulf Oil and Gas accountACCOUNT

Mart Terminates Arrangement with Westfield E & P

Source: www.gulfoilandgas.com 11/2/2009, Location: Africa

Share |
Mart Resources, Inc. announces that it has terminated the Arrangement Agreement with Westfield Exploration and Production Limited and its wholly owned Canadian subsidiary, Westfield Oil Holding Limited (collectively, the “Purchaser”) due to the Purchaser’s failure to tender the cash consideration payable for Mart’s common shares as prescribed in the Arrangement Agreement.

Mart also confirms that it has repaid the outstanding principal amount of the US$3.5 million convertible bridge loan advanced to Mart in late May and early June 2009. Mart has instructed Computershare Trust Company of Canada, its registrar and transfer agent, to return to securityholders any Mart securities that were previously delivered to Computershare in anticipation of the closing of the Arrangement.

Mart currently believes that it has adequate cash and ongoing oil production revenue to meet its operating costs and satisfy its scheduled bank debt repayment obligations. Mart is also currently finalizing a schedule for the orderly repayment of its trade payables.

As a consequence of the Arrangement not proceeding, the Board of Directors of Mart has initiated a strategic review based upon Mart’s current financial position and ongoing operations to enhance shareholder value.

Acquisitions and Divestitures News in Nigeria >>

Egypt >>  8/14/2018 - Eni announces that a new Concession Agreement, aimed at governing an offshore exploration license in the prolific East Nile Delta Basin of the Mediter...
Namibia >>  8/14/2018 - Azinam Limited, the Seacrest Capital Group-backed Namibian explorer, is pleased to announce that ExxonMobil Namibia (PEL44) Limited, an affiliate of E...

United Kingdom >>  8/14/2018 - Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK,...
Egypt >>  8/13/2018 - Eni announces that Egyptian Authorities have authorized a new Nile Delta Concession Agreement allowing a ten-year extension of the Abu Madi West Devel...

Senegal >>  8/13/2018 - PETRONAS through its subsidiary PC Senegal Ltd, recently signed a Farm-in Agreement with TOTAL E&P Senegal SAS, a subsidiary of TOTAL, to acquire a 30...
United Kingdom >>  8/13/2018 - Neptune Energy Group (“Neptune”) has entered into a Sale and Purchase Agreement to acquire certain development and exploration assets in the UK Centra...

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 


Nigeria Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 |

Oil & Gas Projects in Nigeria >>

More News

 

Oil & Gas Companies in Nigeria >>


Related Links

AO BJ BW CD CG CI CM DZ EG ET GA GH GM GN GQ GW KE LR LY MA MG ML MR MZ NA NE NG RW SC SD SL SN SO ST SZ TD TN TZ UG ZA ZM
Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.