Petro Vista Provides Update on Sale of Interest in Tartaruga Block, Brazil

Source: www.gulfoilandgas.com 10/16/2015, Location: South America

Petro Vista Energy Corp., announces that the proposed sale, to Maha Energy Inc., of all of its 37.5% undivided working interest in the exploration and production contract covering the Tartaruga offshore hydrocarbon development block, as previously announced on June 15, 2015, is still in progress.

Both parties are working together to settle the final terms of a definitive and binding agreement for the purchase and sale of the Company's Brazilian subsidiary on substantially the same terms as set out in the Company's press release of June 15, 2015. The Company anticipates the execution of the Definitive Agreement on or before October 31, 2015. The delay in the execution of the Definitive Agreement is a result of the time necessarily taken by Maha to complete its due diligence on the operatorship of the Tartaruga block, which is complete.

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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 

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