Canada's Petrodorado to buy Loon Energy

By OGJ editors
HOUSTON, July 20
-- Petrodorado Energy Ltd. signed a nonbinding letter agreement to acquire Loon Energy Corp. subject to entering a definitive agreement. Both are Calgary firms.

Petrodorado would issue 19.2 million shares to Loon shareholders under the proposed transaction plus performance shares equal to a value of $1.5 million on completion of 300 sq km of 3D seismic and $1.5 million upon spud of the initial well on Block 127 in Peru owned by Loon.

Further details concerning the proposed transaction are to be revealed if and when a definitive agreement is reached.

Petrodorado is engaged in exploration and development in Colombia, Peru, and Paraguay. It holds three low-risk blocks with oil discoveries and six potential high-impact blocks. Its 49.5% interest in Colombia’s Buganviles block in Colombia would rise to 69.5% if it acquires Loon.

Loon is involved in exploration and development in Colombia and Peru. Besides the 20% working interest in the Buganviles block in Colombia it has a 20% working interest in Block 127 in Peru’s Maranon basin.

Related Articles

Beach Energy extends success in Cooper western flank

03/31/2014 Beach Energy Ltd., Adelaide, has extended its successful run of oil discoveries in the western flank Cooper-Eromanga basin play in South Australia ...

White House eyes steps to curb oil, gas methane emissions

03/29/2014 The White House announced additional steps to reduce methane emissions from oil and gas operations as part of a broader strategy. They included reg...

Tullow advances Kenya exploration program

03/28/2014 Tullow Oil PLC has moved forward with exploration and appraisal activities conducted by four rigs operating on Blocks 10BB and 13T onshore Kenya.

Lundin completes appraisal wells for Johan Sverdrup

03/28/2014 Lundin Norway AS, a wholly owned subsidiary of Lundin Petroleum AB, has completed Johan Sverdrup appraisal wells 16/3-8 S and 16/3-8 S T2 in the ea...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!


Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected