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Petrodorado Farms Out Talora Block
Petrodorado Farms Out Talora Block NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUT...
About this update from Rok Resources, Inc. Class B
[{"type":"text","content":"\nPetrodorado Farms Out Talora Block\n\nPetrodorado Farms Out Talora Block\nNOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES\nCalgary, Alberta CANADA, August 17, 2011 /FSC/ - Petrodorado Energy Ltd. (PDQ - TSX Venture), (\"Petrodorado\" or the \"Company\")is pleased to announce that it has farmed out a portion of its working interest in the Talora Block.\nTalora Block\nThe Talora Block is an ANH contract, located in the Upper Magdalena Basin of Colombia. Petrodorado, before the farm out, had a 95% operated working interest in the Block held through a wholly-owned subsidiary.\nThe Company has signed a definitive agreement with Sintana Energy Inc (\"farmee\"), the South American operations arm of Drift Lake Resource Inc. (TSX-V: DLA), to farm out a total of 30% of the working interest in the Block, reducing the Company's working interest from 95% to 65%.\nAs per the agreement, the farmee will pay Petrodorado an entry bonus of US$5.2 million. In addition:\nFirst Exploration Well: Subject to a cap of US$6.5Million for the well, the farmee will pay  60% of the cost of well (US$3.9 million). Beyond the cap all parties will be responsible for their corresponding working interest's share of expenses.\nSecond Exploration Well: Subject to a cap of US$6.5Million for the well, the farmee will pay 45% of the cost of the well (US$2.925 million). Beyond the cap all parties will be responsible for their corresponding working interest's share of expenses.\nPetrodorado remains the operator of the Block.\nThe first exploration well in the Dorado prospect is awaiting final environmental permits to initiate drilling. \nThe above is subject to customary regulatory approval.\nKrishna Vathyam, President and CEO of Petrodorado Energy Ltd:\n\"We are maintaining focus on our high impact blocks. With this farm out, we further strengthen our already strong cash position and are fully funded through 2011 and 2012 for our exploration programs\"\nAbout Petrodorado Energy Ltd.\nPetrodorado is primarily engaged in petroleum and natural gas exploration and development activities in Colombia, Peru and Paraguay. Its head office is located in Calgary, Alberta, Canada and Petrodorado's common shares are traded on the TSXV under the trading symbol \"PDQ\". \nFor further information, please contact:\nKrishna Vathyam, Presid...