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Global Energy signs farm-out agreement for Bocachico Association Contract Area


Published May 9, 2014
Global Energy Development

Global Energy Development has signed a farm-out agreement (the "Agreement") with respect to its Bocachico Association Contract area (the "Contract Area"), in the Middle Magdalena Basin, with Everest.

Under the terms of the Agreement, Everest will acquire a 50 per cent. interest in the Contract Area, including any and all rights, obligations and duties in respect of the Contract Area in exchange for payment of the work commitments stipulated in the Agreement and the cash payment of $1 million. The Agreement is subject to certain conditions, including Ecopetrol approval. Under the Agreement, Everest commits to undertake the funding of a work program with respect to the Contract Area (the "Work Program"), including an obligation to pay all future costs and expenses incurred with respect to the proposed operations:

Tags: Global Energy Development




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