Far Vista Petroleum Corp has previously disclosed that it signed a Letter of Intent for the acquisition of CJSC Chedty Neft through the purchase of all its outstanding shares. Chedty Neft is an oil producer with proven oil reserves in the Federation of Russia.

The parties have previously exchanged pertinent documents and information as part of a general due diligence process.

Following the satisfaction of all parties, Far Vista Petroleum Corp adopted a resolution of its Board authorizing the signing and execution of a formal Agreement to conclude the acquisition.

Maxim Sushchenko, President of Far Vista, states, "Following our recent activities in the oil industry, we are very excited to have succeeded in this acquisition. It is a strong entry into the oil industry and, because of this project, additional opportunities have manifested themselves."

Tags: Far Vista Petroleum Corp