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Petrodorado Completes the Phase I Farm-In Obligation in California and Issues Stock Options
Petrodorado Completes the Phase I Farm-In Obligation in California and Issues Stock Options ...
About this update from Rok Resources, Inc. Class B
[{"type":"text","content":"Petrodorado Completes the Phase I Farm-In Obligation in California and Issues Stock OptionsPetrodorado Completes the Phase I Farm-In Obligation in California and Issues Stock Options\n\nNOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES\n\nCalgary, Alberta CANADA, February 03, 2014 /FSC/ - Petrodorado Energy Ltd. (PDQ - TSX Venture), (\"Petrodorado\" or the \"Company\")is pleased to announce that it has entered into an amending agreement reducing the obligations for the modified Phase I with its joint venture partner (\"JV Partner\") in the Kreyenhagen Heavy Oil Project, in California.\n\nIn accordance with the Letter of Intent announced on December 23, 2013, an amending agreement has been executed that reduces the Farm-in commitment to $1.8 million with a proportional reduction in the earned Working Interest from 15% to 13.5 %, and that confirms that Petrodorado will not participate in a second farm-in phase to earn additional rights or working interest.\n\nIn addition to the testing program planned for the K 2-33 well drilled under the joint venture, the JV Partner is also intending to drill and core a vertical well as part of its work program in the first quarter of 2014. Petrodorado will participate in the ongoing testing and capital program within the Heavy Oil Project at the Company's working interest of 13.5%. Petrodorado will also search for and assess opportunities to divest its interest in the Kreyenhagen Heavy Oil Project in order to remain focused on the Company's highly prospective properties in Colombia.\n\nGregg Vernon, President and CEO, \"Cash conservation is a priority for Petrodorado in this period of transition.  This agreement allows Petrodorado to reduce its cash commitments in California and to focus on its core assets in Colombia.\"\n\n\nStock Options Issuance\n\nPetrodorado announces that it has issued a total of 4,000,000 options to an officer of the Company. The options are exercisable into common shares in the capital of the Company at an exercise price of $0.10 per share and vest as to one third on the first annual anniversary of the date of grant, one third on the second annual anniversary of the date of grant, with the remainder vesting on the third annual anniversary of the date of grant. The expiry date for all options is September 9, 2018.\n\nThe Compa...