Business
Letter of Intent to combine Sinogas West Inc. and Blackstairs Energy plc
CALGARY and WICKLOW, Ireland, Aug. 29, 2011 /CNW/ - Sinogas West Inc. (the "Corporation" or "...
About this update from Green Arrow Resources, Inc.
[{"type":"text","content":"\n\n\n\n\n\nCALGARY and WICKLOW, Ireland, Aug. 29, 2011 /CNW/ - Sinogas West Inc.\n (the \"Corporation\" or \"Sinogas\") (trading symbol \"GZW.P\" TSXV), and\n Blackstairs Energy plc  (\"Blackstairs\") are pleased to announce that\n they have entered into an arm's length letter of intent (the \"LOI\")\n dated August 26, 2009, where the parties have agreed to negotiate a\n definitive agreement relating to a combination transaction (the\n \"Transaction\") pursuant to which Sinogas and Blackstairs will combine\n (the combined entity hereinafter referred to as the \"Resulting Issuer\")\n and the management of Backstairs will become the management of the\n Resulting Issuer.  Pursuant to the LOI, the parties have agreed to the\n essential terms of the Transaction which will be disclosed in a\n subsequent press release once the TSX Venture Exchange (the \"Exchange\")\n has received and reviewed certain information in accordance with their\n Policies.  The trading of the common shares of the Corporation will\n remained halted until such future date as the Exchange may determine.\n\n\nAbout Blackstairs\n\n\nBlackstairs Energy plc is an Irish-registered petroleum exploration and\n production company. The company was founded in 2006 by Gerry Sheehan\n (Managing Director) and Bob Hamilton (Finance Director). Mr. Sheehan is\n a geologist and geophysicist and has over 29 years' experience in the\n international oil sector. Mr. Hamilton is a chartered accountant. Both\n directors have previously held senior management positions in Tullow\n Oil plc.\n\n\nBlackstairs Energy plc is the operator of Blocks 4, 5 and 6 in the\n Republic of Armenia. These large blocks cover an area of almost 14,000\n square kilometres. An active exploration programme is underway, managed\n from the company's regional office in Yerevan, Armenia.\n\n\nBlackstairs was awarded production blocks in the Romanian Eighth and\n Ninth Rounds of Licensing. The company has exclusive rights to\n redevelop eight oil and gas fields in onshore Romania; six of these are\n in the prolific Pannonian Basin, the other two fields are in the main\n southern Romania producing zone.\n\n\nThe company is pursuing an active business development policy, initially\n concentrating on greater Eastern Europe and Africa.\n\n\nBlackstairs principal executive offices are located at 1 Bays...