GeoGlobal Resources Inc. has entered into a share purchase agreement with Sarus Energy Ltd. (Sarus) pursuant to which Sarus will acquire 100% of the issued and outstanding shares of a wholly owned subsidiary of the Company, GeoGlobal Exploration (Barbados) Inc. (GEB), in a two-part transaction.

Included in the transaction is the Company's 14% - 20% participating interest ("PI") in the CB-ON/2 PSC (Tarapur), which includes: the Tarapur Mining Lease and the Tarapur Ring Fenced PSC; a 10% PI in CB-ONN-2003/2 (Ankleshwar); and a 10% PI in CB-ONN-2002/3 (Sanand/Miroli), (collectively referred to as the "Cambay Assets").

On the first closing date, Sarus will acquire 49% of the issued and outstanding shares of GEB for US$2,000,000. The first part of the transaction is expected to close on April 12, 2013.

On the second closing date, Sarus will acquire the remaining 51% of the shares of GEB for US$14,000,000. The second closing is subject to certain terms, conditions and consents, including the approval of the Government of India.

Tags: GeoGlobal Resources Inc.