Business
FALCON OIL & GAS LTD. ANNOUNCES LETTER OF INTENT WITH NAFTNA INDUSTRIJA SRBIJE FOR MAKÓ TROUGH PROJECT
Jun. 9, 2011 (Canada NewsWire Group) -- (TSXV Symbol:  FO) DENVER, June 9, 2011 /C...
About this update from Falcon Oil & Gas Ltd.
[{"type":"text","content":"\n\n\n Jun. 9, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\n(TSXV Symbol:  FO)\n\n\nDENVER, June 9, 2011 /CNW/ - Falcon Oil & Gas Ltd. (TSXV: FO) ("Falcon"), an international oil and gas exploration and production company,\n announced today that TXM Oil and Gas Exploration Kft. ("TXM"), Falcon's 100 percent owned Hungarian subsidiary, has entered into a\n Letter of Intent with Naftna Industrija Srbije, j.s.c. Novi Sad ("NIS"), for the acquisition by NIS of an interest in producing the Algyö\n play within Falcon's Makó production license in Hungary in an area of\n approximately 995 square kilometers, from a depth of 2,300 m down to\n the base of the Algyö Formation (the "Agreement Area"). TXM will retain all rights within the entire production license\n deeper than the base of the Algyö Formation such as the Szolnok and\n Endröd formations. The Algyö Formation is a prospective, pervasive,\n hydrocarbon-bearing sandstone found predominantly between 2,500 and\n 3,500 m from surface.\n\n\nUnder the terms of the agreement, NIS will make a US$ 1.5 million\n payment to TXM upon signing of a Participation Agreement. NIS shall\n then, at its sole expense drill, test and complete three wells in the\n Agreement Area. These wells, to be drilled and tested before December\n 31, 2012, shall be located so that each well tests an independent Algyö\n prospect. NIS will earn a 50 percent interest in production fro...