Scandoil  

Petro One Energy enters into a drilling Joint Venture


Published Jul 30, 2014
Petro One Energy Corp.-5

Petro One Energy Corp. has entered into a Program Earning and Joint Venture Agreement (the "Agreement") with Korea Myanmar Development Corporation (KMDC) which provides for a $4,000,000 private placement financing (PP#1) and a $14,000,000 funding (the "Phase 1 Funding") to drill up to 11 oil wells on certain of the Company's oil and natural gas leases in Saskatchewan and Manitoba (the "Program Lands") plus a Lodgepole production test of the well previously drilled at South Reston (#SR1) by Petro One and Goldstrike Resources Ltd. (Phase 1).

In addition, on completion of Phase 1, KMDC will have the option to provide additional funding (the "Phase 2 Funding") in an amount between $42,000,000 and $82,000,000 to finance additional drilling, with the right to substitute equity funding (PP#2) for a portion of the Phase 2 Funding.

Tags: Petro One Energy Corp.




Advertisment:

Add a Comment to this Article

Please be civil. Job and promotion will not be added into the comment page.

(Use Markdown for formatting.)

This question helps prevent spam:

+ Larger Font | + Smaller Font
Top Stories

 

 

 

 


 


RSS

RSS
Newsletter
Newsletter
Mobile News
Mobile news

Computer
Our news on
your website


Facebook
Facebook
Twitter
Twitter

Contact
Contact
Tips
Do you have any
tips to us
Stats

 

sitemap xml