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Empyrean Energy to sell Sugarloaf AMI project for up to $71.5 million


Published Jan 19, 2016
Empyrean Energy

Empyrean Energy has entered into a conditional purchase and sale agreement with Carrier Energy Partners II, LLC, a Delaware corporation, to dispose of all of its right, title and interest in the Sugarloaf AMI development for an initial cash consideration of US$61,500,000.

The Company may also receive, in certain circumstances further set out below, a contingent consideration of a maximum of US$10,000,000. Empyrean currently has a 3% working interest in the Sugarloaf AMI Project, which is operated by Marathon Oil Company, a subsidiary of US major Marathon Oil Corporation.

Tags: Empyrean Energy




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