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Falcon Oil & Gas Ltd. enters into a non-binding letter of intent to acquire an additional 25% working interest in the Beetaloo Basin Project
(TSXV Symbol: FO) DENVER, CO, April 27 /CNW/ - Falcon Oil & Gas Ltd. (TSXV: FO) ("Falcon" or the ...
About this update from Falcon Oil & Gas Ltd.
[{"type":"text","content":"\n\n\n\n(TSXV Symbol: FO)\n\n\nDENVER, CO, April 27 /CNW/ - Falcon Oil & Gas Ltd. (TSXV: FO) ("Falcon"\nor the "Company") announces that it has entered into a non-binding letter of\nintent (the "LOI") with PetroHunter Energy Corporation ("PetroHunter") which\nstipulates that Falcon will acquire (the "Acquisition") an additional\nundivided 25% working interest in PetroHunter's four exploration permits\ncovering seven million acres in the Beetaloo Basin of the Northern Territory,\nAustralia (the "Beetaloo Basin Project"). The Acquisition will bring Falcon's\ntotal working interest in the Beetaloo Basin Project to 75%.\n\n\nUnder the terms of the LOI, the principal consideration being paid by\nFalcon for the Acquisition is the forgiveness of the $5 million due under a\nloan previously made to PetroHunter in October 2008. The LOI also stipulates\nthat, on closing of the Acquisition, Falcon will become operator of the\nBeetaloo Basin Project, and that PetroHunter and Falcon will enter into an\nescrow agreement which will govern the release of all remaining shares of the\nCompany previously issued to PetroHunter.\n\n\nThe closing of the Acquisition is subject to the execution of definitive\nagreements, the fulfillment of certain closing conditions, as well as the\nreceipt of all required regulatory approvals. Closing of the Acquisition is\nexpected to occur on or about May 25, 2009.\n\n\nMarc A. Bruner, the Chairman, CEO and President of Falcon, continues to\nbe a significant shareholder of PetroHunter. The negotiation and entering into\nof the non-binding letter of intent and the definitive agreements continue to\nbe governed by a committee of the independent directors of Falcon.\n\n\nAbout Falcon Oil & Gas Ltd.\n\n\nFalcon Oil & Gas Ltd. is a British Columbia corporation in the business\nof oil and gas exploration and production. It has operations in Hungary\nthrough its wholly owned subsidiary TXM Oil and Gas Exploration, LLC, in\nRomania through its wholly owned subsidiary JVX Energy Corporation, in\nColorado through its wholly owned subsidiary Falcon Oil & Gas USA, Inc., and\nin Australia through its wholly owned subsidiary Falcon Oil & Gas Australia\nPty Ltd. Further information about Falcon is available at\nwww.falconoilandgas.com.\n\n\nAbout PetroH...