Petrolifera Sells Interest in Sierra Nevada License

Source: www.gulfoilandgas.com 12/21/2010, Location: South America

Petrolifera Petroleum Limited announced that it has entered into a binding agreement with an international oil and gas exploration and production company with operations in South America to sell a 25% working interest in its Sierra Nevada License in Colombia.

Petrolifera will receive cash payment of US$10 million, payable in instalments in December 2010 and January 2011, in respect of this disposition. The assignment of the working interest is subject to approval of Agencia Nacional de Hidrocarburos of Colombia ("ANH"). Petrolifera intends to use the proceeds from this sale primarily to fund the drilling of an exploratory well, San Angel X1001, on its Magdalena License in the Lower Magdalena Basin onshore Colombia.

Site preparations for the drilling of this well are currently underway and the company anticipates the spudding of this well in late January 2011.

This disposition is in part a result of the strategic alternatives process announced by Petrolifera on September 7, 2010. Petrolifera is continuing to assess and consider other strategic alternatives available to the company. Petrolifera does not intend to make any further announcements regarding the process unless and until its Board of Directors has approved a further specific transaction or other course of action, or otherwise deems disclosure of developments is appropriate. Petrolifera Petroleum Limited is a Calgary?based crude oil, natural gas and natural gas liquids exploration, development and production company with interests in eleven concessions or licenses in Argentina, Colombia and Peru.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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