DGAP-News: Petro Novus AG signs Letter of Intent to Acquire Arvan Energy PLC
(firmenpresse) - Petro Novus AG / Key word(s): Letter of Intent/AGM/EGM
07.09.2010 10:11
---------------------------------------------------------------------------
Petro Novus AG Signs Letter of Intent to Acquire Arvan Energy PLC
Petro Novus Trading Symbol Changed to PN5
Petro Novus Annual General Meeting 2010: Shareholders Endorse All Motions
Proposed by the Board of Directors
Petro Novus AG ('Petro Novus' or the 'Company')is pleased to announce that
the Company has signed a Binding Letter of Intent (LOI) with Arvan Energy
PLC ('Arvan') to acquire 100% of the shares of Arvan in an all share
exchange transaction. Arvan is a private corporation registered in
Ireland, and holds an interest in oil and gas concessions, (Petroleum
Blocks 4, 5 and 6) in the country of Armenia. The Petroleum concessions
encompass 14,000 sq. km. in the Armenian central depression. A Production
Sharing Agreement (PSA) was signed for a 5 year term with two term
extensions through to 2016. Following the successful close of the
transaction, Arvan will be a 100% owned subsidiary of Petro Novus.
The Company is expecting to close the transaction by September 30, 2010
after completing due diligence encompassing engineer valuation and audit
reporting.
Petro Novus announces that effective September 06, 2010 the Company's
symbol has changed from 'GMS' to 'PN5'.
The Annual General Shareholders' Meeting of Petro Novus AG was held June
29, 2010, at Notariat Zürich Altstadt, Talstrasse 11, 8022 Zürich. All
motions proposed by the Board of Directors at the Annual General Meeting
were endorsed. The following agenda items and reorganisation measures were
adopted at the AGM:
1. Annual Report and Financial Statements 2009 - The Board of Directors
approved of the annual report, the annual financial statements of 2009 and
the consolidated financial statements of 2009.
2. Change of name - The Board of Directors changed the name of the company
from German Oil and Gas AG to Petro Novus AG.
3. Election of new Board Members - New Board members Mr. Cameron King MBA
and Dr. Stephan Eschmann were elected.
4. Board of Directors' Resignations - Directors and Officers, Mr. Jason
Bleuler and Mr, Frank Jacobs tendered their resignations as requested by
the Company. The Board of Directors accepted the tendered resignations.
5. Granting of Discharge - In conjunction with Swiss Law, the Board of
Directors discharged acts made by the Members of the Board, releasing them
from their activities for the respective 2009 business year.
About Petro Novus AG
Petro Novus AG is an independent oil and gas company that has an
international exploration focus. Our goal is to acquire and participate in
the exploration and development of crude oil and natural gas properties in
known petroleum producing regions. We utilize our strengths in mergers and
acquisitions, and capital and resource management to acquire large
potential, overlooked and underexplored resource properties. Our goal is to
grow through future acquisitions and the development of long-life producing
assets.
For further information please contact:
Cameron S. King MBA
President and CEO
cking(at)petronovus.com
Petro Novus AG
Nordstrasse 190,
8037 Zürich
Switzerland
Europe: +41 78 878 84 62
North America: 1 (424) 202 1251
SAFE HARBOUR
Certain of the statements made and information contained herein is
'forward-looking information', including statements concerning our plans,
which involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of the
Company, or industry results, to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking information. In addition, forward-looking information is
based on various assumptions including, without limitation, the
expectations and beliefs of management; the assumed long-term price of
petroleum products, the availability of permits and surface rights; access
to financing, equipment and labour and that the political environment
within Armenia will continue to support the development of environmentally
safe oil exploration projects. Should one or more of these risks and
uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those described in
forward-looking statements. Accordingly, readers are advised not to place
undue reliance on forward-looking information. Except as required under
applicable securities legislation, the Company undertakes no obligation to
publicly update or revise forward-looking information, whether as a result
of new information, future events or otherwise.
07.09.2010 10:11 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Datum: 07.09.2010 - 10:11 Uhr
Sprache: Deutsch
News-ID 32159
Anzahl Zeichen: 0
contact information:
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 236 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DGAP-News: Petro Novus AG signs Letter of Intent to Acquire Arvan Energy PLC"
steht unter der journalistisch-redaktionellen Verantwortung von
Petro Novus AG (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
