Russia

Premier Energy Corp., Dallas, signed a nonbinding letter of intent to acquire Russian companies that hold a 20-year exploration and exploitation license over South Chernushinskoye field in Russia’s Perm region.

By OGJ editors
HOUSTON, Nov. 2
– Premier Energy Corp., Dallas, signed a nonbinding letter of intent to acquire Russian companies that hold a 20-year exploration and exploitation license over South Chernushinskoye field in Russia’s Perm region.

Premier Energy would acquire from Rossgaz LLC the stock of Speckrit LLC and the remaining 49% interest in Karbon CJSC. Closing is required by Nov. 10, 2009.

Permier Energy said Speckrit owns all existing oil production and processing facilities at the field and has export rights to oil refineries at foreign destinations. Speckrit’s majority-owned subsidiary Alba Oil LLC also incorporated in Russia, holds a 25-year exploration and exploitation license to North Sorokinskoye field in the Tyumen region.

Premier Energy owns majority interest in Karbon CJSC, a closed joint stock company incorporated in Russia. Karbon holds an exploration and production license to North Kopanskoye field in the Orenburg region in the Volga-Urals basin.

Premier Energy is seeking $65 million to complete the transaction and a further $45 million to further evaluate the required fields.

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