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Petrodorado Provides Operational Update on California
Petrodorado Provides Operational Update on California NOT FOR DISSEMINATION IN THE UNITED S...
About this update from Rok Resources, Inc. Class B
[{"type":"text","content":"Petrodorado Provides Operational Update on CaliforniaPetrodorado Provides Operational Update on California \n\nNOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES\n\nCalgary, Alberta CANADA, December 23, 2013 /FSC/ - Petrodorado Energy Ltd. (PDQ - TSX Venture), (\"Petrodorado\" or the \"Company\") is pleased to announce that it has signed a Letter of Intent (\"LOI\") with its joint venture partner (\"JV Partner\") in the Kreyenhagen Heavy Oil Project.\n\nThe LOI is at this stage non-binding but contemplates the following key amendments to the Farm-in Agreement that was announced on May 27, 2013:\n\n* A testing program in respect of the two wells drilled (K 2-33, K 8-33) has been agreed upon by both parties and the cash call for that program has been issued by the JV Partner to Petrodorado.\n\n* Petrodorado will agree to pay cash calls for future approved AFE's in respect of any additional work required as a result of accelerating the testing program of K 2-33 and K 8-33.\n\n* Petrodorado will not drill any further wells under Phase I of the work program.\n\n* Petrodorado's 15% working interest in the Heavy Oil lease will be reduced proportionately based on total expenditures made under the original US $2 million commitment to Phase I that had been contemplated in the Farm-in Agreement. \n\n* Petrodorado will not earn any interest in the Shale leases.\n\n* Petrodorado will not participate in Phase II of the work program and will forego any rights that it would have been entitled to as contemplated in the Farm-in Agreement to increase its working interest in Phase II.\n\nIn addition to the testing program planned for the two wells drilled under the joint venture (K 2-33, K 8-33), the JV Partner is also intending to drill and core a vertical well as part of its program in the first quarter of 2014. The JV Partner is in advanced discussions with a third party to fund the drilling and coring of this well which would complete Phase I of the original work program.\n\n\nGregg Vernon, President and CEO\n\n\"I am pleased that Solimar and Petrodorado have mutually agreed to these changes. This will allow Petrodorado to refocus its efforts in Colombia and limit additional cash commitments in California.  Petrodorado will continue to review its current exploration blocks in order to maximize shareho...