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TICKERS: CPI

Micro-Cap Oil & Gas Producer to Sell Kazakhstan Assets For CA$32.7 Million
News Update

Source:

Total proceeds equal about CA$0.74 per outstanding common share of the company.

Condor Petroleum Inc. (CPI:TSX) announced in a news release it entered an agreement to sell, through its subsidiary Falcon Oil & Gas, Falcon's 100% interests in the producing Shoba and Taskuduk oilfields in Kazakhstan for US$24.6 million, or CA$32.7 million. The transaction is expected to close in Q1/20.

For the assets, including production contracts and field equipment, the buyer, an unlisted international oil and gas entity, will make an initial deposit of US$3.8 million within 10 business days of signing the sales agreement and pay the remainder when the deal closes.

Condor plans to use the sale proceeds to "pursue larger value growth opportunities within the region; pay down amounts owing under its existing credit facility; conduct additional activities to increase natural gas production in Turkey; and resume Kazakhstan exploration activities once the 630-day exploration extension is formalized for the Zharkamys contract," the release noted.

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