Falcon Oil & Gas Ltd. Falcon Oil & Gas Ltd. - Assignment Of Canadian Working Interests
Falcon Oil & Gas Ltd.
Assignment of Canadian Working Interests
22 February 2021 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) has agreed
to assign its working interest in three gross producing wells and one
gross shut-in well and associated infrastructure in Alberta, Canada to a
large Canadian-based company.
These wells have been loss making and have generated minimal revenues to
Falcon over the last number of years. Collective revenues for nine
months to September 2020 were US$3,000 and the associated costs for the
same period were US$6,000. For the 12 months to December 2019 there were
revenues of US$5,000 and costs of US$10,000.
Under the terms of the assignment, Falcon has agreed to pay a total of
CAD$37,000 to cover its net working interest share of the abandonment
and reclamation obligations of the wells and associated infrastructure.
Falcon Oil & Gas Ltd. +353 1 676 8702
Philip O'Quigley, CEO +353 87 814 7042
Anne Flynn, CFO +353 1 676 9162
Cenkos Securities plc (NOMAD &
Neil McDonald / Derrick Lee +44 131 220 9771
About Falcon Oil & Gas Ltd.
Falcon Oil & Gas Ltd is an international oil & gas company engaged in
the exploration and development of unconventional oil and gas assets,
with the current portfolio focused in Australia, South Africa and
Hungary. Falcon Oil & Gas Ltd is incorporated in British Columbia,
Canada and headquartered in Dublin, Ireland with a technical team based
in Budapest, Hungary.
For further information on Falcon Oil & Gas Ltd. please visit
Glossary of terms
CAD$ Canadian dollar
US$ United States dollar
Certain information in this press release may constitute forward-looking
information. This information is based on current expectations that are
subject to significant risks and uncertainties that are difficult to
predict. Actual results might differ materially from results suggested
in any forward-looking statements. Falcon assumes no obligation to
update the forward-looking statements, or to update the reasons why
actual results could differ from those reflected in the forward
looking-statements unless and until required by securities laws
applicable to Falcon. Additional information identifying risks and
uncertainties is contained in Falcon's filings with the Canadian
securities regulators, which filings are available at www.sedar.com.
Neither the 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.
(END) Dow Jones Newswires
February 22, 2021 02:00 ET (07:00 GMT)
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