Sintana Energy (TSXV:SNN) Recently Announced the Closing of a Business Combination with ColCan to Acquire Oil & Gas Assets in Colombia - Video Summary Posted on www.InvestmentPitch.com
2012 05 26
- Details
Sintana Energy (TSXV:SNN) recently announced the closing of an exciting business combination with ColCan, a private Canadian company, to acquire their oil and gas assets in Colombia.
InvestmentPitch.com has produced a "video news alert" summarizing these projects. If this link is not enabled, please visit www.InvestmentPitch.com and enter "Sintana" in the search box.
Sintana is currently partnered with Petrodorado in the Talora block and with Canacol in the COR-39 and COR 11 blocks - all located in the Upper Magdalena Basin.
Under the terms of the agreement, ColCan contributed its interests in the VMM-15, 37 and 4 Blocks in Middle Magdalena Basin and the LLA-18 Block in the prolific Llanos Basin.
Sintana's CEO, Doug Manner stated, "The four new assets involved in this transaction provide Sintana with a significant advancement towards our strategic goals in the area. They enhance our prospect inventory and add tremendous reserve potential, both conventional and unconventional. The 25% carried interests in three of the blocks, as well as the 100% working interest in VMM-37, which could be farmed out for additional capital carries, allows Sintana to significantly increase its drilling inventory with minimal additional capital required."
The Magdalena is the oldest producing basin in Columbia. Major players such as Shell Oil, Ecopetrol, Lewis Energy, Canacol and others are also positioned in the region due to its huge, unconventional shale oil potential.
Two of the new blocks, the VMM-37 and VMM-4, are ideally located in this unconventional fairway.
Recently, Exxon Mobil, the world's largest oil and gas company acquired interests in the VMM-2 right next to Sintana's VMM-4 property. The attraction to this area is the fact that the shale is potentially 3 to 4 times thicker than the Eagle Ford Shale found in Texas.
The conventional and unconventional resource estimates in the Middle Magdalena are considerable - ranging from several billion to almost 40 billion barrels of oil.
The Sintana business combination was conditional upon a minimum 11 million dollar financing being completed by ColCan prior to closing. To complete the financing, ColCan entered into a bought deal financing with a syndicate of agents co-led by Canaccord Genuity and Cormark Securities which also includes Casimir, GMP and Clarus.
In other news, Sintana recently began its exploration program on the 175,000 acre Bayovar Block in Peru with 10 wells already permitted. Details on this program can be found on the company's website.
Sintana Energy has offices in Toronto, Dallas and Bogota and is listed on the TSX Venture Exchange under the symbol SNN.
Sintana currently trades at $0.15, and with approximately 114 million shares outstanding, is capitalized at $17 million.
Hugin Online
.jpg)
The magazine SEA has been published since 1935
International business magazine JŪRA MOPE SEA has been published since 1999
The first magazine in Eurasia in the four languages: English, Chinese, Russian and Lithuanian
|
|