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CruzSur Energy Announces Resolution of Dispute Affecting Sinu-9 & Tiburon Blocks and Agrees to Farmout Terms for the Sinu-9 Block
CruzSur Energy Announces Resolution of Dispute Affecting Sinu-9 & Tiburon Blocks and A...
About this update from Ng Energy International Corp
[{"type":"text","content":"\n\n\n\nCruzSur Energy Announces Resolution of Dispute Affecting Sinu-9 & Tiburon Blocks and Agrees to Farmout Terms for the Sinu-9 Block\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prnml40{\nMARGIN-LEFT:3.33em\n}\n\n\n\n\n\n\nCruzSur Energy Announces Resolution of Dispute Affecting Sinu-9 & Tiburon Blocks and Agrees to Farmout Terms for the Sinu-9 Block\nCanada NewsWire\nVANCOUVER, May 28, 2019\n\n\n\nVANCOUVER, May 28, 2019 /CNW/ - CruzSur Energy Corp. (the \"Company\" or \"CruzSur\") (TSXV: CZR), is pleased to announce that the disputes with the counterparties in the Company's original acquisitions of economic beneficial interests in the Sinu-9 Block and Tiburon Block have been resolved and that terms for a new farmout agreement for the SN-9 Block have been agreed to with Panacol Oil & Gas (\"Panacol\"). \nIn August 2018, the Company received a letter from Clean Energy Resources S.A.S (\"Clean\") as party to the Purchase and Sale Agreement for the SN-9 Block (\"SN‑9 PSA\") pursuant to which the Company initially received its 80% economic beneficial interest in January 2017, alleging that the Company was in breach of certain obligations under the SN‑9 PSA and that as a consequence the SN‑9 PSA was immediately terminated. The Company also received an identical letter from ColPan Oil & Gas Limited (\"ColPan\"), as counterparty to the Purchase and Sale Agreement for the Tiburon Block (\"Tiburon PSA\") by which the Company initially received its 60% economic beneficial interest in February 2017, alleging that the Company was in breach of certain obligations under the Tiburon PSA and that as a consequence the Tiburon PSA was immediately terminated. The Company refutes that either of these claims have any merit, however, it engaged with the counterparties in order to find a resolution to the dispute.\nThe outcome of these discussions is that the Company has agreed to terms with the counterparties whereby each party will continue forward with the original SN-9 PSA and Tiburon PSA, respectively, with certain amending terms which are outl...