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
(Thomson Reuters ONE) -
Vancouver, British Columbia, May 24, 2012 - 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.
For a more information on Sintana Energy please visit their website at
www.sintanaenergy.com or email the company at info(at)sintanaenergy.com.
InvestmentPitch.com is a multimedia company that provides a combined solution
for creating and hosting financial video content, and distributing it across
multiple platforms to investors and financial professionals. InvestmentPitch.com
specializes in producing short, three minute videos based on news releases and
research reports.
CONTACT:
InvestmentPitch.com
Barry Morgan, CFO
604-684-5524
bmorgan(at)investmentpitch.com
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: InvestmentPitch via Thomson Reuters ONE
[HUG#1614868]
Unternehmensinformation / Kurzprofil:
Datum: 24.05.2012 - 20:44 Uhr
Sprache: Deutsch
News-ID 150094
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Kategorie:
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