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Petrodorado Divests Peru Block 135 and 138, Announces Spud Date on Talora Block, Adopts Shareholder Rights Plan and Re-Prices Stock Options
Petrodorado Divests Peru Block 135 and 138, Announces Spud Date on Talora Block, Adopts Shareh...
About this update from Rok Resources, Inc. Class B
[{"type":"text","content":"\nPetrodorado Divests Peru Block 135 and 138, Announces Spud Date on Talora Block, Adopts Shareholder Rights Plan and Re-Prices Stock Options\n\nPetrodorado Divests Peru Block 135 and 138, Announces Spud Date on Talora Block, Adopts Shareholder Rights Plan and Re-Prices Stock Options\nNot for Dissemination in the United States or for Distribution to U.S. Wire Services\nCalgary, Alberta CANADA, July 12, 2012 /FSC/ - Petrodorado Energy Ltd. (PDQ - TSX Venture), (\"Petrodorado\" or the \"Company\") is pleased to announce that it has sold its interests in Peru Block 135 and 138, announces a start date for the Dorados-1X exploration well in the Talora block, adopts a  shareholders rights plan and re-prices outstanding stock options.\nPeru 135 and 138\nThe Company has reached an agreement with the operator of these blocks to divest its 45% beneficial interest for a sum of US$15.2Million. This transaction is effective immediately.\nTalora\nThe contracted rig is presently being mobilised to the drilling location, and expects to spud the exploration well Dorados-1X by end July 2012. This well has a planned total depth of 9,500 feet and is targeting the Caballos and Tetuan formations. As previously announced the Company retains 65% operated working interest in the block while paying 35% of the well costs, and the farmee paying 60%, subject to a cap of US$6.5Million. Costs above the cap are paid proportionally by each partner based on their respective working interests. \nShareholder Rights Plan and Re-pricing of Stock Options\nThe Company's Board of Directors has approved the adoption of a shareholder rights plan (the \"Plan\"). The Plan is designed to ensure that the Company's shareholders are treated fairly in the event of a take-over bid for the Company's common shares and that the Company's Board of Directors and shareholders will have adequate time to evaluate any unsolicited take-over bid and, if appropriate, to evaluate and pursue other alternatives to maximize shareholder value.\nThe Plan was not adopted in response to any actual or threatened take-over bid or other proposal from a third party to acquire control of Petrodorado. A similar shareholder rights plan was approved by the Company's Board of Directors in October 2011, but no shareholder meeting was held within six months to ratify such plan, and it therefore expi...