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NGX Energy Sells Oil & Gas Interests in Argentina

Source: www.gulfoilandgas.com 10/20/2020, Location: South America

NGX Energy International Corp. (formerly CruzSur Energy Corp.) is pleased to announce that the Company has accepted an offer from Compañia Argentina de Comodoro Rivadavia Explotacion de Petróleo S.A. and Financier S.A. (the "Purchaser") to acquire 100% of NGX's oil and gas interests in Alianza Petrolera Argentina S.A. ("Alianza"), the Argentine subsidiary through which NGX operates the Sur de Rio Deseado Este block and holds interest in Estancia La Mariposa block.

Under the terms of the purchase offer, the Purchaser will acquire Alianza and assume all rights and responsibilities relating to the oil and gas assets and general operations of Alianza. As consideration, the Purchaser has granted a royalty of 7% to the Company calculated on the future production result of the Sur de Rio Deseado Este block, up to total royalty payments of $100,000. The transaction also includes the assumption by the Purchaser of all responsibilities for any existing and future liabilities, as well as a guarantee of indemnity for potential claims against NGX, its related companies, former directors, executives, employees, representatives and advisers. The decision to sell was based on the political and macroeconomic situation in Argentina, currency devaluation, continuous rising inflation, GDP drop and government restriction in the currency markets that make investments in Argentina highly risky. With the completion of this transaction, the Company will have no further business presence in Argentina.

With the Company's recent discoveries made in Colombia, where it has its most prospective assets and with a stable political and economic situation, the Company has decided to focus on production and commercialization of natural gas in our Maria Conchita, SN 9 and Tiburon blocks in Colombia.

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