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Centaurus Energy Enters into Agreement to Transfer All Conventional Oil and Gas Assets and Related Liabilities to Humble Energy
Calgary, Alberta--(Newsfile Corp. - September 27, 2021) - Centaurus Energy Inc. (TSXV: CTA) ...
About this update from Centaurus Energy Inc.
[{"type":"text","content":"Centaurus Energy Enters into Agreement to Transfer All Conventional Oil and Gas Assets and Related Liabilities to Humble EnergyCalgary, Alberta--(Newsfile Corp. - September 27, 2021) - Centaurus Energy Inc. (TSXV: CTA) (OTCQB: CTARF) (\"Centaurus\" or the \"Company\") is pleased to announce that it has entered into an agreement (the \"Agreement\") with Humble Energy S.A., an oil and gas corporation based in Argentina (\"Humble\") controlled by Humble Energy Inc-, whereby Humble will purchase all of the issued and outstanding membership interests in the capital of Madalena Energy Argentina S.R.L. (\"MEA\"), the Company's operating subsidiary based in Argentina (the \"Proposed Transaction\"). Pursuant to the Proposed Transaction, Humble will purchase all of the MEA membership interests in consideration for Humble's assumption of all liabilities with respect to MEA except for any liabilities related to Centaurus' interests in the Coirón Amargo Sur Este hydrocarbons area, located in the Province of Neuquén (\"CASE\"), the Curamhuele hydrocarbons area, located in the Province of Neuquén (\"Curamhuele\"), any liabilities related to any incentive plans, stock options or any other benefits granted to any employees or officers of MEA by Centaurus or its affiliates, and any liabilities relating to MEA's affiliation with Alejandro Augusto Peñafiel and José David Peñafiel. All rights and causes of action of MEA arising against any and all prior directors and officers of Centaurus will remain with Centaurus.In addition to conditions usual to transactions of this nature, the Proposed Transaction will be subject to the fulfillment of the following conditions precedent on or before December 31, 2021 (i) the closing of the sale of the working interest of MEA in the CASE block to Pan American Energy, S.L., Argentine Branch (\"PAE\"), which was previously announced on April 28, 2021, including the transfer to Centaurus of a certain overriding royalty in the amount of US$25,000,000 to be paid to MEA under the terms and conditions described in the CASE assignment to PAE (the \"PAE ORRI\"), and (ii) the settlement between the Province of Neuquén and MEA of the liabilities relating to the Curamhuele block.The effect of the Proposed Transaction will be that, upon completion, the Company will have transferred indirectl...