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New Stratus Energy Announces Execution of Definitive Farm-Out Agreement with Vultur Oil
Calgary, Alberta--(Newsfile Corp. - October 20, 2025) - New Stratus Energy Inc. (TSXV: NSE) ("New...
About this update from New Stratus Energy Inc
[{"type":"text","content":"New Stratus Energy Announces Execution of Definitive Farm-Out Agreement with Vultur OilCalgary, Alberta--(Newsfile Corp. - October 20, 2025) - New Stratus Energy Inc. (TSXV: NSE) (\"New Stratus\", \"NSE\" or the \"Corporation\") is pleased to announce the signing of the definitive farm-out agreement (\"FOA\") in respect of the previously announced memorandum of understanding with Vultur Oil (\"Vultur\"), to develop the Concession Contracts (as defined below) located in the State of Bahia, Brazil.Concession ContractsThe Blocks comprise two (2) concession contracts for the exploration, development and production of oil and gas, being: (i) N° 48610.010812/2015-04 issued by the National Agency of Petroleum, Natural Gas and Biofuels of Brazil (\"ANP\") dated December 23, 2015, over a block known as REC-T-108 (the \"108 Contract\"); and (ii) N° 48610.005425/2013-86 issued by the ANP dated August 30, 2013, over a block known as REC-T-107 (the \"107 Contract\" and together with the 108 Contract, the \"Concession Contracts\" or \"Blocks\"). Vultur holds a 100% working interest in the Concession Contracts.The Concession Contracts are located in the Reconcavo Basin, located onshore, in the State of Bahia in eastern Brazil. The Blocks are adjacent to the Araças field which is owned and operated by Petróleo Brasileiro S.A. (\"Petrobras\"), the state-owned oil company of Brazil. The three main reservoirs in the basin are the Candeias, the Agua Grande and the Sergi. Since 2012, Petrobras has produced over 5.9 million barrels of oil equivalent (boe) (3.6 million barrels of oil and over 375 million cubic meters of natural gas) from the Araças field.FOA Terms In accordance with the terms of the FOA, NSE and Vultur (the \"Joint Partners\") have executed a definitive agreement providing for, among other things, the assignment and transfer to NSE of up to a thirty-two point five percent (32.5%) working interest in the Concession Contracts (the \"NSE Working Interest\"); and will now finalize a joint operating agreement (the \"JOA\") for the development of the Concession Contracts.Vultur will now submit the assignment approval application to the Brazilian National Petroleum Agency (\"ANP\") to permit the investment by NSE. With approval, which is expected by the end of 2025, closing of the deal will occur (the \"Closing\") an...