Tuesday, May 24, 2011
3P International Energy Corp.
3P has entered into a definitive purchase agreement to acquire all of the issued and outstanding shares of JSC Tysagaz for cash consideration of US $17,000,000, subject to a working capital adjustment to be determined prior to the closing of the transaction. The entering into of a letter of intent to acquire Tysagaz was announced by 3P on February 14, 2011.
Greg Cameron, Chairman of 3P stated "We are extremely excited about the acquisition of Tysagaz and providing the team there the necessary capital to significantly expand the business. This acquisition is a great fit to our announced strategy of acquiring conventional assets with cash flow and significant reserves to compliment or growing unconventional portfolio, which is currently focused on acquiring and farming into lands with Coal Bed Methane ("CBM") potential.
"Acquiring a proven reserve base with upside potential and selling that gas at an anticipated price in excess of US $8.0 per mcf with strong netbacks should immediately provide returns to 3P and position the Corporation to become a significant player in the Ukraine," stated Ron MacMicken Chief Executive Officer of 3P.
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