Gulf Oil and Gas accountACCOUNT

Mart Terminates Arrangement with Westfield E & P

Source: www.gulfoilandgas.com 11/2/2009, Location: Africa

Mart Resources, Inc. announces that it has terminated the Arrangement Agreement with Westfield Exploration and Production Limited and its wholly owned Canadian subsidiary, Westfield Oil Holding Limited (collectively, the ďPurchaserĒ) due to the Purchaserís failure to tender the cash consideration payable for Martís common shares as prescribed in the Arrangement Agreement.

Mart also confirms that it has repaid the outstanding principal amount of the US$3.5 million convertible bridge loan advanced to Mart in late May and early June 2009. Mart has instructed Computershare Trust Company of Canada, its registrar and transfer agent, to return to securityholders any Mart securities that were previously delivered to Computershare in anticipation of the closing of the Arrangement.

Mart currently believes that it has adequate cash and ongoing oil production revenue to meet its operating costs and satisfy its scheduled bank debt repayment obligations. Mart is also currently finalizing a schedule for the orderly repayment of its trade payables.

As a consequence of the Arrangement not proceeding, the Board of Directors of Mart has initiated a strategic review based upon Martís current financial position and ongoing operations to enhance shareholder value.

Acquisitions and Divestitures News in Nigeria >>

Norway >>  1/16/2019 - Faroe Petroleum, the independent oil and gas company focussing principally on exploration, appraisal and production opportunities in Norway and the UK...
Norway >>  1/16/2019 - Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK,...

Norway >>  1/15/2019 - DNO, the Norwegian oil and gas operator, has announced that its wholly-owned subsidiary DNO Norge has been awarded participation in 18 exploration lic...
Norway >>  1/15/2019 - Pandion Energy has been awarded two licenses under the 2018 Norwegian APA (Awards in Pre-defined Areas) License Round on the Norwegian Continental She...

Norway >>  1/15/2019 - Aker BP has been offered interests in 21 new production licenses in Norway, of which 11 as operator, through the Awards in pre-defined areas (APA 2018...
Norway >>  1/15/2019 - Var Energi has been awarded a total of 13 licenses in the Awards in Predefined Areas 2018 (APA) by the Ministry of Petroleum and Energy (MPE). ...

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  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Nigeria Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 |

Oil & Gas Projects in Nigeria >>

More News

Related Links

AO BJ BW CD CG CI CM DZ EG ET GA GH GM GN GQ GW KE LR LY MA MG ML MR MZ NA NE NG RW SC SD SL SN SO ST SZ TD TN TZ UG ZA ZM
Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.