MNP Petroleum Corp. Completes Production Acquisition
Accesswire
14 minutes ago
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BAAR, SWITZERLAND / ACCESSWIRE / January 15, 2015 / MNP Petroleum Corp. ("MNP") (TSX-V:MNP) (MNAP), announces that it has completed the EPA.at transaction. Pursuant to the Supplement Agreement dated September 11, 2014 and the Notary Act dated November 21, 2014, DWM Petroleum AG, a 100% subsidiary of MNP, through its 100% subsidiary TF Petroleum AG has completed the acquisition of a 65% interest in EPA.at, an Austria registered company, for total consideration of US$12 million to the Seller, Kavsar General Trading FZE. EPA.at holds 57.42% of the equity interest in the Tajik company Petroleum Sugd; the remaining 42.58% equity interest in Petroleum Sugd is held by the Tajik state oil company Sugdneftugas. Petroleum Sugd owns eight producing oil fields.
MNP has completed an extensive data management campaign in 2013. This data management effort was followed by a Geological and Geophysical evaluation and a corresponding reservoir/production engineering study in 2014. MNP’s future work program is based on work-overs of existing wells and drilling of new wells.
Heinz Scholz, Executive Chairman of MNP, stated, "We are delighted to have finalized this transaction. This transaction also represents a critical step for MNP changing the company from a pure exploration play to an exploration and production company."
About MNP
MNP is an international oil and gas company with primary focus on exploration and development in Central Asia and Mongolia. In Tajikistan MNP owns 90% working interest in a Production Sharing Agreement covering the license areas Zapadnyi and Severo-Zapadnyi in the Soughd region through its wholly-owned subsidiary DWM Petroleum AG, and it owns a working interest in eight producing oilfields (as described in the above press release). In Mongolia, MNP owns 74% of the working interest in two Production Sharing Contracts covering Blocks XIII and XIV through its wholly-owned subsidiary DWM Petroleum AG.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statement Disclaimer
This press release contains forward-looking statements. Forward-looking statements are projections of events, revenues, income, future economic performance or management's plans and objectives for future operations. In some cases you can identify forward-looking statements by the use of terminology such as "may", "should", "anticipates", "believes", "expects", "intends", "forecasts", "plans", "future", "strategy", or words of similar meaning. Forward-looking statements in this press release include those concerning the planned work program. While these forward-looking statements and any assumptions upon which they are based are made in good faith and reflect current judgment regarding the direction of MNP's business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested in this press release. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risk of unexpected delays arising from field conditions, MNP's ability to raise the necessary capital and other risks identified in MNP's periodic filings with the Securities and Exchange Commission on EDGAR. Any of these risks could cause MNP's or its industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Except as required by applicable law, including the securities laws of the United States and Canada, MNP does not intend t
