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Falcon Oil & Gas Ltd. enters into binding agreement to acquire an additional 25% working interest in the Beetaloo Basin Project
(TSXV Symbol: FO) DENVER, CO, May 27 /CNW/ - Falcon Oil & Gas Ltd. (TSXV: FO) ("Falcon" or the "C...
About this update from Falcon Oil & Gas Ltd.
[{"type":"text","content":"\n\n\n\n(TSXV Symbol: FO)\n\n\nDENVER, CO, May 27 /CNW/ - Falcon Oil & Gas Ltd. (TSXV: FO) ("Falcon" or\nthe "Company") announces that, further to its press release dated April 27,\n2009, Falcon has entered into a binding agreement with PetroHunter Energy\nCorporation ("PetroHunter") under which Falcon will acquire (the\n"Acquisition") an additional undivided 25% working interest in PetroHunter's\nfour exploration permits covering seven million acres in the Beetaloo Basin of\nthe Northern Territory, Australia (the "Beetaloo Basin Project"). The\nAcquisition will bring Falcon's total working interest in the Beetaloo Basin\nProject to 75%.\n\n\nThe closing of the Acquisition is subject to the fulfillment of certain\nclosing conditions, as well as the receipt of all required regulatory\napprovals. Closing of the Acquisition is now expected to occur on or about\nJune 10, 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 other material agreements relating to the transaction continue to be\ngoverned by a committee of the independent directors of Falcon.\n\n\nA copy of the binding agreement, together with other material agreements\nrelating to the transaction, will be available on SEDAR at www.sedar.com.\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 PetroHunter Energy Corporation\n\n\nPetroHunter Energy Corporation, through the operations of its\nwholly-owned subsidiaries, PetroHunter Operating Company and Sweetpea\nCorporation Pty Ltd., is a global oil and gas exploration and production\ncompany with primary assets consisting of various oil and gas leases and\nrelated interests, including approximately 20,000 net mineral ac...