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Falcon Oil & Gas Ltd. announces agreements with Merrill Lynch and BMO Capital Markets as advisors for strategic partner initiative in Hungary
(TSXV Symbol: FO) DENVER, July 13 /CNW/ - Falcon Oil & Gas Ltd. (TSXV: FO) ("Falcon") is pleased ...
About this update from Falcon Oil & Gas Ltd.
[{"type":"text","content":"\n\n\n\n(TSXV Symbol: FO)\n\n\nDENVER, July 13 /CNW/ - Falcon Oil & Gas Ltd. (TSXV: FO) ("Falcon") is\npleased to announce that it has entered into agreements (collectively, the\n"Agreements") with Merrill Lynch Pierce Fenner and Smith, Inc. ("Merrill") and\nBMO Capital Markets ("BMO") pursuant to which Merrill and BMO have been\nengaged to provide advisory services with respect to strategic initiatives in\norder to assist Falcon in maximizing the potential of the 391,400 acres which\nare outside of the Falcon/ExxonMobil/MOL joint development project in Hungary\n(the "100% Falcon Acreage").\n\n\nFalcon's Chairman and CEO, Marc A. Bruner, stated, "With the assistance\nand capabilities of our world-class advisors, we're optimistic about\nconcluding one or more transactions that will add significant value to our\nassets and will provide the capability to further define and determine the\ncommercial potential of these properties."\n\n\nThe Merrill Lynch and BMO Agreements\n\n\nThe execution of the Agreements is the first step in Falcon's strategic\npartner initiative (the "2009 Initiative"). Under the 2009 Initiative, Falcon\nwill be seeking one or more third parties with the financial and/or technical\ncapabilities to participate in exploration and development activities on the\n100% Falcon Acreage.\n\n\nSean Mueller, project lead for Merrill, said, "Merrill Lynch has one of\nthe largest energy teams on Wall Street, with offices in nine countries, and\nwith a substantial track record in unconventional gas transactions. Production\nfrom unconventional gas has completely changed the natural gas market in North\nAmerica. Marc A. Bruner has been an industry pioneer in unlocking the\npotential at Jonah and Pinedale in the Rocky Mountains. He and his team have\nnow taken that experience and expertise and expanded internationally to\nHungary. Unconventional gas will become extremely important to Europe's\noverall gas supply. Falcon's Mako interests represent a unique opportunity in\none of the most advanced unconventional plays in Europe."\n\n\nHungary Strategic Partner Initiative - Production License and Exploration\nLicenses\n\n\nAs previously announced, under the transaction with ExxonMobil in April\n2008, Falcon retained sole ownership and operatorship...