Santa Maria Sells Interest in Canaguaro Block

Source: www.gulfoilandgas.com 5/6/2013, Location: South America

Santa Maria Petroleum Inc. announces that it has agreed to sell its 25% oil and gas interest in the Canaguaro Block in the Llanos Basin in Colombia to Petrominerales Ltd.

Petrominerales will pay Santa Maria a total of $US6.0 million in cash, subject to customary post-completion price adjustments for its 25 per cent private participating interest. Subject to regulatory and other approvals, including final acceptance by the TSX Venture Exchange, the sale is expected to be completed in the next 10 days.

Following the sale of its interest in the Canaguaro block, Santa Maria will continue to hold its private participating interests in two other blocks in the Llanos Basin of Colombia: LLA27 and LLA 36. In addition, Santa Maria holds an option to participate in the LLA 21 block, the details of which are described in previous disclosure statements.


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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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