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Gran Tierra Energy and Solana Resources Sign Agreement to Combine to Create a Premier International Oil and Gas Exploration and Production Company
Companies to Host Joint Investor Conference Call on Tuesday July 29, 2008 at 11:00 a.m. Eastern C...
About this update from Kutcho Copper Corp
[{"type":"text","content":"\n\n\n\nCompanies to Host Joint Investor Conference Call on Tuesday July 29, 2008\n\n\nat 11:00 a.m. Eastern\n\n\nCALGARY, July 29 /CNW/ - Gran Tierra Energy Inc. (AMEX:GTE; TSX: GTE) and\nSolana Resources Limited (TSX-V: SOR; AIM: SORL) announced today that they\nhave entered into a definitive agreement providing for the business\ncombination of Gran Tierra Energy Inc. and Solana Resources Limited. The\ntransaction is expected to create an exploration and production company with a\nsignificantly increased operating scale and balance sheet.\n\n\nMr. Dana Coffield, President and Chief Executive Officer of Gran Tierra,\nwill continue as the President and Chief Executive Officer of the combined\ncompany, while Mr. J. Scott Price, President and Chief Executive Officer of\nSolana, will join the board of directors of the combined company. The board of\ndirectors will be comprised of seven members including the current directors\nof Gran Tierra: Jeffrey Scott, Walter Dawson, Verne Johnson, Nick Kirton, and\nDana Coffield, as well as Scott Price, and the current Chairman of the Solana\nboard of directors, Mr. Ray Antony. Mr. Scott, Chairman of the Gran Tierra\nboard of directors, will maintain his position as Chairman.\n\n\nCommenting on the transaction Mr. Coffield stated, "We are very pleased\nto make this announcement and we expect the transaction will create a much\nmore substantial company in a consolidating global industry while preserving\nGran Tierra's operating leadership. The combination creates a company with a\n100 percent working interest in one of the most important oil discoveries in\nColombia in recent years, the Costayaco field. The anticipated production and\ncash flow growth from Colombia will fund continued exploration on the\nresulting company's combined land position, in addition to increasing the\ncapability to undertake much larger and material new venture initiatives in\nthe future."\n\n\nMr. Price stated, "The combination of the two companies will not only\nconsolidate a premium light oil asset in Colombia, but will also launch a\nsubstantive, well financed, South American focused entity with an enviable\nland position and a portfolio of opportunities across the risk spectrum. We\nbelieve this transaction will result in significant value accruing from the\nasset consolidation and resultant econom...