Brazil

HRT Oil & Gas, Rio de Janeiro, signed a letter of intent with a unit of Tuscany International Drilling Inc., Calgary, to drill in northwestern Brazil’s Solimoes basin. A definitive agreement is expected within 45 days.
April 27, 2010

By OGJ editors
HOUSTON, Apr. 27 – HRT Oil & Gas, Rio de Janeiro, signed a letter of intent with a unit of Tuscany International Drilling Inc., Calgary, to drill in northwestern Brazil’s Solimoes basin. A definitive agreement is expected within 45 days.

HRT Oil & Gas operates 21 blocks in the basin in Amazonas state (OGJ Online, Nov. 23, 2009). The basin contains Brazil’s largest light oil producing field, Urucu, operated by state Petroleo Brasileiro.

HRT Oil & Gas signed farm-in deals to buy a 51% stake in the blocks from Petra Energia SA and M&S Brazil. HRT Oil & Gas is funded with $275 million raised pursuant to a brokered private placement.

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