Pacific Asia Amends Agreement for Oyo Acquisition

Source: www.gulfoilandgas.com 3/8/2010, Location: Africa

Pacific Asia Petroleum, Inc., a based energy company engaged in the development, production and distribution of oil and gas, announced that the Company has entered into an amendment to the Sale and Purchase Agreement previously entered into with CAMAC Energy Holding Limited and certain of its affiliates (“CAMAC”) on November 18, 2009 with respect to the pending acquisition by the Company of all of CAMAC’s interest in the Oyo Oilfield, located offshore of Nigeria, which commenced production in December 2009.

Under the amended Sale and Purchase Agreement, the Company has agreed to pay CAMAC $32 million in cash at closing, instead of $38.84 million as originally agreed. The balance of $6.84 million will be due and payable post-closing on the earlier of sufficient receipt of oil proceeds from the Oyo Oilfield or 6 months after the closing. The amendment also addresses the allocation of revenues and expenses related to production from the Oyo Oilfield prior to the closing of the transaction.

In addition, the parties agreed to schedule the closing to occur on or before April 7, 2010, and removed the condition that Pacific Asia Petroleum raise a minimum of $45 million in equity financing before the closing of the transaction. Following the closings of the Company’s recent registered direct offerings raising $37.5 million, the Company currently has sufficient cash to consummate the closing of the CAMAC transaction.

Commenting on the progress of the CAMAC transaction, President and CEO, Frank Ingriselli note, “The rapid progress in this acquisition process has demonstrated the strength and commitment of Pacific Asia Petroleum and all the parties involved in this major transaction, and is a testament to the trust the investor community and our existing shareholders have put in our management and the Company’s new business direction. We intend to issue our proxy statement for approval of the acquisition of CAMAC’s Oyo Oilfield interest as soon as possible and, with the required shareholder approval, close this acquisition on April 7th and start to realize the benefits of moving from a development stage company to a profitable energy company.”


United States >>  5/17/2022 - Helix Energy Solutions Group, Inc. has entered into a definitive agreement to acquire 100% of the equity interests of the Alliance group of companies ...
Japan >>  5/16/2022 - First Solar, Inc. has entered into definitive agreements with funds managed by PAG Real Assets (“PAG”), pursuant to which PAG will acquire from First ...

Brazil >>  5/13/2022 - Petrobras, following up on the release disclosed on 07/20/2018, informs that it has decided to conclude the current competitive process, which was in ...
Russia >>  5/12/2022 - Shell Overseas Investments B.V. and B.V. Dordtsche Petroleum Maatschappij – subsidiaries of Shell plc – have signed an agreement to sell Shell Neft LL...

United Kingdom >>  5/12/2022 - JERA Americas, the Houston-based subsidiary of global energy leader JERA, has entered into an agreement to acquire a 1,633 megawatt (MW) thermal power...
Australia >>  5/11/2022 - NeuRizer - (formerly Leigh Creek Energy) wholly owned subsidiary Leigh Creek Oil and Gas (LCOG) has announced that Santos will farm-in and take operat...

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  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.