We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Perihelion Capital Ltd | TSXV:PCL.P | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.09 | 0.09 | 0.10 | 0 | 01:00:00 |
NOT FOR DISSEMINATION IN THE U.S. OR THROUGH U.S. NEWSWIRES Note: This press release was filed to SEDAR on August 9, 2011. Pacific-Link Capital Inc. ("Pacific-Link" or the "Company") (TSX VENTURE:PCL.P) announces that pursuant to the letter of intent dated June 1, 2011 with Red Cloud Exploration, LLC ("Red Cloud"), Pacific-Link and Red Cloud have entered into a Farm-out Agreement (the "Agreement"), to proceed with the previously announced proposed qualifying transaction with Red Cloud. Red Cloud owns certain oil and gas leases covering approximately 1,000 acres in Jefferson and Leavenworth Counties, Kansas (the Area of Mutual Interest or "AMI"). Under the Agreement, Pacific-Link will participate in the financing of the drilling of wells for production of oil and/or gas within the AMI and participate in the proceeds thereof, subject to the terms and conditions of the Agreement. INITIAL FARMOUT Red Cloud shall grant to Pacific-Link the right to earn the initial farmout of five wells, and the option to propose and/or participate in the drilling and completion of additional wells and to receive the appropriate additional interest therein, upon payment by Pacific-Link of $200,000.00 (USD) in cash at closing and the initial commitment of $1,750,000.00 (USD) upon notice from Red Cloud of availability of drilling rigs to drill the initial farmout wells. Red Cloud Exploration Operating, LLC, will be the operator of the farmout operations. If actual costs to drill and complete the initial farmout wells exceed the initial commitment amount, then the operator shall pay 100% such additional amount as necessary to complete the initial farmout wells. If the actual costs to drill and complete the initial farmout wells are less than the initial commitment amount, then the operator shall retain the excess amount and Pacific-Link shall not be entitled to any refund thereof. Drilling of the initial farmout wells will commence within 30 days after closing. The acreage attributed to a well shall be not less than 2.5 acres for an oil well and not less than 10 acres for a gas well, as determined by the operator and in accordance with the rules and regulations of the Kansas Corporation Commission or other relevant governing authority. Such assignment shall convey to Pacific-Link an undivided 75% of the working interest in the drilling unit, for both producers and dry holes, from the surface down to and including, but not below, the base of the deepest producing formation in the earning well. Red Cloud will retain a 25% carried working interest, with Pacific-Link responsible for all costs to drill and complete each well into the tanks, if an oil well, or to the point of delivery to the purchasers gathering line, if a gas well. For the initial farmout, Red Cloud covenants with Pacific-Link that the 100% working interest in each well shall have a net revenue interest of not less than 80% of all of the oil and/or gas produced and saved from a well prior to deduction of lease burdens; and Pacific-Link's 75% working interest shall have a net revenue interest of not less than 60% of all of the oil and/or gas produced and saved from a well prior to deduction of lease burdens production. ADDITIONAL WELLS After the initial farmout, if either Red Cloud or Pacific-Link desires to drill an additional well within the AMI, then the other party shall have the option to participate in the drilling of the additional well for up to a 50% working interest in the drilling and completion of such additional wells as provided herein. The party desiring to drill shall first give written notice of the additional well(s) proposed to be drilled, including an authorization for expenditure setting out the details and estimated costs thereof. The other party shall have thirty (30) days after receipt of such notice to respond. BOARD OF DIRECTORS AND MANAGEMENT Immediately following the completion of the qualifying transaction on the closing date, Pacific-Link will cause those of its directors and officers to resign as directed by Red Cloud, and Pacific-Link will cause its directors to approve the appointment of the individuals nominated by Red Cloud as the directors and officers of Pacific-Link, subject to TSXV approval of such individuals. COMPLETION OF QUALIFYING TRANSACTION The closing of the qualifying transaction and the obligations of Red Cloud and Pacific-Link to complete the transactions are subject to the fulfillment of certain conditions, including a 60 day due diligence by Pacific-Link, the approval of the transactions by TSXV, a concurrent private placement of Pacific-Link common shares at no less that Cdn$0.10 per share, for aggregate gross proceeds of at least Cdn$3,000,000. The Company's shares will remain halted. ON BEHALF OF THE BOARD Patrick Wong, Chief Executive Officer The forward-looking statements contained in this news release represent the expectations of the Company as of the date of this news release, and, accordingly, are subject to change after such date. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.
1 Year Perihelion Capital Chart |
1 Month Perihelion Capital Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions