By OGJ editors
HOUSTON, Jan. 7 -- Vinccler Oil & Gas, the wholly owned subsidiary of PetroFalcon Corp., has terminated an agreement to acquire from Chevron Corp. a 30% working interest in the offshore Cardon III Block natural gas license in the Gulf of Venezuela. According to the terms of the agreement, Chevron will reimburse all amounts paid by Vinccler plus interest.
PetroFalcon Pres. and Chief Executive Officer Bill Gumma said, "We are opting out of the Chevron exploration well in the Gulf of Venezuela due to the tightening global capital markets and the uncertain oil and natural gas price environment. After Chevron returns our share of past Cardon III expenses with interest, we will have more than $33 million in cash, no debt, and no expected cash calls from Baripetrol or PetroCumarebo for 2009 capital expenditures."
