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CruzSur Energy Signs MoU with Panacol to Jointly Develop the Company's Assets in Colombia and Argentina, Resolves Liabilities on KM 8 and Appoints Ronald Pantin as Executive Chairman
CruzSur Energy Signs MoU with Panacol to Jointly Develop the Company's Assets in Colombia ...
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[{"type":"text","content":"\n\n\n\nCruzSur Energy Signs MoU with Panacol to Jointly Develop the Company's Assets in Colombia and Argentina, Resolves Liabilities on KM 8 and Appoints Ronald Pantin as Executive Chairman\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\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Sept. 3, 2019\n\n\n\nVANCOUVER, Sept. 3, 2019 /CNW/ - CruzSur Energy Corp. (the \"Company\" or \"CruzSur\") (TSXV: CZR), announces it has appointed Ronald Pantin as Executive Chairman of the Company and has signed a Memorandum of Understanding with Panacol Oil & Gas Corp. (\"Panacol\") to jointly develop assets of CruzSur in Colombia and Argentina. Initially, Panacol will emphasize its efforts on the E&P Contract for the Sinu 9 (SN-9) Block.  \nRonald Pantin was the Chief Executive Officer and Executive Director of Pacific Exploration & Production, the prime independent oil company in Latin America, until November 2016. \nMr. Pantin worked in the Venezuelan oil industry for twenty-three years where he held numerous top level positions at Petróleos de Venezuela (PDVSA), including President of Corporacion Venezolana del Petroleo, President of PDVSA Exploration and President of PDVSA Servicios.\nThe agreement details are as follows:\nPanacol will be responsible for the project management of the activities carried out by CruzSur in its different blocks located in Colombia and Argentina following the guidelines of the Board of Directors of CruzSur. Specifically with SN-9 E&P Contract: Panacol will capitalize US$2.4 million contributed by Flamingo Oil S.A. Procure all the activities necessary to obtain the required licenses, amend the obligations of the contract, operate the SN-9 Block, negotiate and finalize the JOA with Cleanenergy Resources SAS. Panacol is responsible to negotiate with petroleum services providers who will be in charge of performing the required seismic, roads/infrastructure and drilling services estimated at US$22 million. Both Panacol and Flamingo Oil S.A. will receive 2,800,000 shares each, and Landsons Investment Corporation will receive 1,200,000 shares for ...