Business
Falcon Oil & Gas Ltd. Receives Long-Term Production License in Hungary
Falcon Oil & Gas Ltd. Receives Long-Term Production License in Hungary.
About this update from Falcon Oil & Gas Ltd.
[{"type":"text","content":"\n\n\n\nBUDAPEST, Hungary, May 22 /CNW/ -- Falcon Oil & Gas Ltd. (TSXV: FO)\n("Falcon") today announced that it has received final written approval from\nthe Hungarian Mining Authority for a long-term production license (known as a\n"Mining Plot" under Hungarian law) covering all oil and gas in the identified\nBasin Centered Gas Accumulation ("BCGA") resource underlying Falcon's two\nexploration licenses.\n\n\nOn May 21, 2007, Falcon's Hungarian operating subsidiary, TXM Oil and Gas\nLLC, received formal written approval and issuance of the long-term production\nlicense ("Production License") that was applied for in October 2006. The\nissuance of the Production License was the final step necessary for Falcon to\nsecure its right and ability to implement its drilling and development plan\nfor this large hydrocarbon resource in southeast Hungary. The Production\nLicense will continue as long as Falcon continues operations on the\nproperties.\n\n\nCEO and Chairman, Marc A. Bruner, stated, "The issuance of the long-term\nproduction license is the culmination of years of dedicated work by Falcon and\nthe cooperation and expertise of the Hungarian government in analyzing and\nrecognizing the estimated recoverable portion of this Contingent\nResource(1)(2). Falcon extends its appreciation to the Mining Authority,\nenvironmental authorities and related mayors and municipalities, and commits\nto conduct its business and carry out a development program that will mutually\nbenefit the company and the people of Hungary. We are excited about this\nproject and our long-term future relationship with the Hungarian government\nand the people of Hungary."\n\n\nThe Production License follows the government's approval of the company's\nClosing Report on December 21, 2006, as previously announced. With its\napproval of the Closing Report, the Hungarian government validated and agreed\nwith Falcon's geological and technical evaluation and conclusions about the\nexistence, extent, and estimated recoverable portion of this BCGA Contingent\nResource underlying Falcon's exploration licenses. The approved Mining Plot\ncovers the area as defined by the Scotia Group, Inc., for its resource\nestimate, in an independent report ("Scotia Report") dated effective August\n15, 2006 (previously filed a...