Alberta Oilsands Completes Transaction in DRC

Source: www.gulfoilandgas.com 1/11/2013, Location: Africa

Alberta Oilsands Inc is pleased to announce that further to the press release of November 19, 2012, it has completed its transaction with a subsidiary of Pan African Oil Ltd. (“PAO”) to jointly pursue a production sharing agreement with respect to two blocks, the Kalembe Block (Block 5) and the Fatuma Block (Block 6) (together, the “DRC Blocks”), in which the Company may earn a 43.75% interest in the DRC Blocks.PAO will remain the operator of the DRC Blocks.

The DRC Blocks comprise over one million acres (gross) covering the Kalemie sub-basin on Lake Tanganyika, in the Democratic Republic of the Congo - and in the heart of the East African Rift System. Blocks 5 and 6 are adjacent to acreage held by Total S.A.

As consideration for the closing, the Company has paid to PAO an aggregate of $1 million (the “Cash Consideration”) and issued 5 million common shares in the capital of the Company at an attributed value of $0.10 per common share (the “Common Shares”, together with the Cash Consideration, the “Acquisition Price”). The Cash Consideration will primarily be used to pay for the past and anticipated upcoming costs and expenses of pursuing the production sharing agreement, up to the full amount of the Cash Consideration, after which time costs and expenses will be shared equally by AOS and PAO. A finder’s fee equal to 5% of the Acquisition Price payable half in cash and half in common shares at an attributed value of $0.10 per common share (“Finder Shares”) will be paid to an arm’s length third party. The Common Shares and Finder Shares are subject to a statutory hold period of four (4) months plus one (1) day.


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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 


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