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Alberta Oilsands due blocks offshore Namibia

Alberta Oilsands Inc., Calgary, has agreed to the indirect acquisition of a Namibian company in a deal that will give it net interests of 85% in two blocks offshore Namibia.

It initially will pay $1.5 million and issue 20 million shares valued at 10ยข each to acquire Maroon Hill International Ltd., a British Virgin Islands firms that owns 85% of Leopard Investments Ten (Pty.) Ltd. of Namibia. Leopard Investments holds 100% of the licenses for Blocks 2712A and 2812 A in the Orange basin. An additional $1 million is payable a year after the closing date.

The blocks cover 2.7 million acres directly west of Kudu natural gas field.


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