Sagres Announces Exercise of Consent Judgment by Canacol

Source: www.gulfoilandgas.com 7/26/2013, Location: South America

Sagres Energy Inc reports that Canacol Energy (Guyana) Inc., a subsidiary of Canacol Energy Ltd. ("Canacol"), has exercised a consent judgment against Sagres in the amount of $1,116,150.43 (the "Consent Judgment"). The Consent Judgment was previously provided by Sagres as a part of an agreement for outstanding amounts owed by Sagres to Canacol for costs related to historical exploration drilling operations on a block located in Guyana in which Sagres was a partner in 2010 and 2011.

Canacol was provided a general security interest over all of the assets of Sagres and pursuant to the Consent Judgement, Sagres has 10 days to make payment to Canacol after which time Canacol may take steps to enforce its security under the provisions of the Bankruptcy and Insolvency Act. Sagres will continue its efforts to try and reach an amicable settlement with Canacol.


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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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