Business
Falcon Oil & Gas Ltd. Announces its Intention to Complete its Mako-4, Mako-6 and Mako-7 Wells
BUDAPEST, Hungary, Nov. 29 /CNW/ -- Falcon Oil & Gas Ltd. (TSXV: FO) ("Falcon" or the "Company") ...
About this update from Falcon Oil & Gas Ltd.
[{"type":"text","content":"\n\n\n\nBUDAPEST, Hungary, Nov. 29 /CNW/ -- Falcon Oil & Gas Ltd. (TSXV: FO)\n("Falcon" or the "Company") today announced it has filed its third quarter\nfinancial results for the period ended September 30, 2007 with the Canadian\nSecurities Administrators. The financial statements and accompanying\nmanagement discussion and analysis (MD&A) are available on www.sedar.com.\n\n\nOperational Update\n\n\nOn November 21, 2007, Falcon Oil and Gas submitted its Technical\nOperating Plan (the "Testing Program") to the Hungarian Mining Bureau. The\nTesting Program will focus on the center of Falcon's basin centered gas play\nwith the completion of the existing Mako-4, Mako-6 and Mako-7 wells. Falcon\nexpects the Testing Program to commence in the second quarter of 2008 and to\ncontinue into early 2009, with exact timing to be determined by delivery\nschedules for long lead time items.\n\n\nFinancing Update\n\n\nOn November 22, 2007, Falcon announced a public offering underwritten by\na group led by Orion Securities Inc. and including Evergreen Capital Partners\nInc., agreeing to purchase 100 million Common Shares at a price of CDN$0.40\nper share for aggregate gross proceeds of CDN$40 million. Falcon intends to\napply the proceeds from the financing to fund the Testing Program and to\nprovide working capital. Closing of the offering is expected to occur on or\nabout December 11, 2007 and is subject to certain conditions, including but\nnot limited to, receipt of all necessary securities regulatory approvals,\nincluding the approval of the TSX Venture Exchange.\n\n\nStrategic Partner Update\n\n\nFalcon announced previously an initiative to identify potential strategic\npartners who can add value in respect of the development of its oil and gas\nproperties in Hungary and/or in developing infrastructure and markets for the\ngas produced from those properties.\n\n\nSince that time, a number of parties have executed confidentiality\nagreements and are in the process of completing a detailed review of this\nopportunity to enter into an agreement with Falcon. Falcon's Board of\nDirectors will carefully consider the terms of proposals when received from\nthese potential strategic partners, as compared to Falcon's standalone\ndevelopment plan, and will make a determination as to the best course of\naction for...