Baron Oil is pleased to announce the sale of 50% of its equity in Inversiones Petroleras de Colombia S.A.S. (Invepetrol) (a wholly owned subsidiary) to C.I. International Fuels Ltd. (CII). Invepetrol is a special purpose Colombian Company holding the Company's 50% interest in the Nancy- Burdine - Maxime field (NBM), located in the Putumayo Basin, Colombia.
Under the terms of the agreement, Invepetrol will initially purchase S&J Fullservices Ltd's 50% participation interest in the NBM field to give it a 100% interest. Baron Oil will then sell a 50% interest in Invepetrol to CII for US$2 million in cash.