Acquisition of 12% Interest in Bullseye Project

Source: www.gulfoilandgas.com 12/31/2010, Location: Not categorized

The board is pleased to advise that Golden Gate Petroleum (GGP) has acquired an additional 12% interest in the Bullseye Project from Eastern Advisors Capital Limited who had originally obtained their participation from GGP's US subsidiary.

Consideration for this acquisition is 13,000,000 fully paid ordinary shares of the Company.

Commenting on this acquisition the Managing Director, Mr Steve Graves said: "Golden Gate has been able to increase its working interest in the very productive Bullseye Project at minimal cost which will be quickly offset by the increased share of production revenues. Our plan is to drill the next Miogyp development well at Bullseye in 2011 at a location considered the most ideal for this proven interval. In this new well, we will also be able to test the Camerina interval providing further insight to the interval's potential."

As a result of this transaction the partners in the Bullseye project are:

Golden Gate Petroleum Ltd with a WI of 54.25%
Pantheon Resources plc with a WI of 11.25%
IB Daiwa Corporation with a WI of 8.00%
Quest Petroleum NL with a WI of 5.00%
Verus Investments Ltd with a WI of 10.00%
Other Partners with a WI of 11.50%


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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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