TAMM Oil and Gas Corp. has reached a binding agreement with CEC Carbonate Energy PLC, (CEC) our farm in partner, to combine the assets of oil sands leases held by both companies into an Alberta based oil development corporation. This resulted in CEC incorporating CEC North Star Energy Ltd with its operational head office in Calgary, Alberta.

The terms of the agreement are:

The binding agreement is subject to several important conditions before final closing. Tamm will be required to re-domicile to Alberta and seek a majority approval from its shareholders for the transaction.

The transaction is structured on a put and call basis so that when these 2 events are completed, the transaction closes. The first leases will be transferred effective immediately into escrow in exchange for the put and call transaction and the fixing of the North Star share price effective today

Tags: Tamm Oil and Gas Corp.