Platino Announces a Transaction on the Morpho Block

Source: www.gulfoilandgas.com 8/1/2013, Location: South America

Platino Energy Corp is pleased to announce that it has entered into an agreement with Parex Resources Inc. ("Parex") in relation to the Company's Morpho Block located in the Middle Magdalena Valley Basin of Colombia, whereby Platino will assign (subject to ANH approval) its 50% working interest in the Morpho Block(1) to Parex in return for a 4% net profit interest royalty in the Morpho Block.

Tomas Villamil, President & Chief Executive Officer of Platino said, "I am pleased with this transaction for Platino shareholders. The Morpho Block is not a traditional play type and does not currently fit into Platino's exploration portfolio or capital program. This transaction sees Platino paying no future capital, while allowing the Company to participate in any material upside through a royalty structure." Dr. Villamil said further, "We had budgeted approximately US$8 million in capital for the Morpho Block this year and next, which can now be allocated toward more near-term, traditional light oil opportunities which Platino is currently pursuing."


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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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