Guatemala: Quetzal to spin assets to RealPetrol

The board of Quetzal Energy Ltd., Calgary, voted to distribute the company’s Guatemalan oil and gas interests to its shareholders in a plan to take effect July 1, 2011.

By OGJ editors
HOUSTON, May 17
– The board of Quetzal Energy Ltd., Calgary, voted to distribute the company’s Guatemalan oil and gas interests to its shareholders in a plan to take effect July 1, 2011.

A new public company, RealPetrol Ltd., will indirectly hold the Guatemalan assets. Quetzal’s Colombian assets will become the focus of its management and strategic direction.

Subject to approval by shareholders, a court, the TSX Venture Exchange, and regulators, Quetzal shareholders will retain their current interest in Quetzal and will receive one common share in RealPetrol for every 15 Quetzal common shares held. RealPetrol will have separate management and directors.

More in Home