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Petro Vista executes binding MOU for the sale of interest in Tartaruga block


Published Jun 17, 2015
Map of Brazil-2

Petro Vista Energy Corp. has entered into a binding memorandum of understanding with Maha Energy Inc. for the sale of its all of its 37.5% undivided working interest in the exploration and production contract covering the Tartaruga offshore hydrocarbon development block, located in the Sergipe Alagoas Basin in Brazil.

Under the terms of the MOU, and subject to the prior approval of the Brazilian National Oil Agency, Maha has agreed to pay an aggregate of CAD$2,742,600 for the Company's working interest. The first tranche of the purchase price, being CAD$1,471,300, will be paid upon receipt of the regulatory approvals (including the approvals from the ANP and the TSX Venture Exchange), approval of the Transaction by the Company's shareholders (which is proposed to happen at a special shareholders meeting on July, 2015) and completion of certain related corporate transactions by Maha. The second tranche of CAD$1,271,300 is scheduled to be paid on December 31, 2015.

Tags: Petro Vista Energy Corp.




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