New User:

Forgot your password?

Stock Market & Financial Investment News

News Breaks
August 5, 2014
09:25 EDTPEDPacific Energy Development announces restructuring of Kazakhstan acquisition
PEDEVCO Corp. d/b/a Pacific Energy Development announced that it has entered into a series of agreements pursuant to which the company has restructured its planned acquisition of indirect interests in production and exploration licenses covering a contract area in the Republic of Kazakhstan covering 380,000 acres within the North Block of the Pre-Caspian Basin. As a result of the restructuring, the company will acquire 5% of the capital stock of Caspian Energy Inc., which will, as a result of this transaction own 100% of Aral Petroleum Capital Limited which currently holds a 100% operated working interest in the asset. As part of the transaction, certain other parties will provide an additional $21.5M to Aral to fund its operations and development efforts going forward. Notably, the company will hold publicly-traded Caspian Energy stock on an unrestricted basis, and as a minority shareholder in Caspian Energy and the company will not be subject to future capital calls or funding obligations, or any other obligations or requirements, that the company might otherwise have been subject to as a major shareholder of Asia Sixth Energy Resources Limited as previously contemplated under the original acquisition transaction. The closing of the restructured transaction is subject to the satisfaction of certain customary closing conditions, including the approval of the Agency of the Republic of Kazakhstan for the Protection of Competition and the Ministry of Oil and Gas of the Republic of Kazakhstan and other regulatory and shareholder approvals.
News For PED From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
There are no results for PED

Sign up for a free trial to see the rest of the stories you've been missing.
I agree to the disclaimer & terms of use