Columbus Energy Sells Its 5% Interest in Columbus Oil and Gas
August 23 2010 - 5:11PM
Marketwired
Columbus Energy Limited (TSX VENTURE: CEL) has entered into an
agreement, subject to regulatory approval, to sell its 5% interest
in Columbus Oil and Gas to Robert Charles Laslett for a cash
payment of US$42,500 and US$2,975,000 in royalty payments from
production of the Isis Oil Field as follows:
1. A royalty of US$0.275 per barrel of crude oil production in excess of
four million barrels but less than six million barrels providing the
Brent price during each quarterly period averages over US$70 per barrel
up to a maximum amount payable of $555,000.
2. A royalty of US$0.495 per barrel of crude oil production in excess of 6
million barrels up to a maximum payable under the agreement of
US$2,420,000.
Mr. Laslett is the majority shareholder in British Virgin
Islands Business Company Columbus Oil and Gas which has a 100%
interest in Columbus (Tunisia) Oil and Gas, Inc. organized and
existing under the laws of Tunisia.
Columbus Energy Limited purchased a 5% interest in Columbus Oil
and Gas in July 2007 for cash payments of US$1,100,000 as per its
news release of July 05, 2007 and as amended in its news release of
October 26, 2007.
The Company has negotiated, subject to regulatory approval, a
20,000,000 unit private placement at $0.05 per unit to gross
$1,000,000. Each unit will consist of one common share and a
transferable five year purchase warrant allowing the purchaser to
purchase an additional share at a price of $0.10. A finder's fee
will be paid on a portion of the placement.
The Company is negotiating the terms and conditions with a
European Company to make application and acquire a Coal property in
Europe. Further details will be announced after the negotiations
have completed.
This news release includes certain "forward-looking statements".
All statements other than statements of historical fact included in
this release, including, without limitation, statements regarding
potential mineralization, exploration results and future plans and
objectives of the Company are forward-looking statements that
involve various risks and uncertainties. There can be no assurance
that such statements will prove to be accurate and actual results
and future events could differ materially from those anticipated in
such statements. Important factors that could cause actual results
to differ materially from the Company's expectations include market
prices, exploitation and exploration results, availability of
capital and financing, general economic, market or business
conditions, uninsured risks, regulatory changes, defects in title,
availability of personnel, materials and equipment, timeliness of
government approvals, unanticipated environmental impacts on
operations and other exploration risks detailed herein and from
time to time in the filings made by the Company with securities
regulators. The Company expressly disclaims any intention or
obligation to update or revise any forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Columbus Energy Limited Douglas W. Scheving Director
and Corporate Secretary 1 604 684 7619 604 684 7346 (FAX)
Columbus Energy Limited (TSXV:CEL)
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