Hero Technologies Inc (HENC)

[fingolf]

I'm kind of dumbfounded...if you're in the game, why would you pull out all of a sudden when we're about to spud?

I'd like to hear the pros and cons on this one.

If you believe in the 3D, you're going to scrape some money together.

Confused.



Calgary, Alberta--(Newsfile Corp. - October 30, 2014) - Chelsea Oil & Gas Ltd. (OTCQB: COGLF) ("Chelsea" or the "Company") advises that it has sold its non-operated working interests and associated overriding royalty interests (“the Interests”) in PEL 112 and 444 in the Cooper Basin, South Australia to an arms length private company for nominal consideration.

The acquirer of the Interests has assumed all debts pertaining to additional costs incurred for the acquisition of 3D seismic, for which Chelsea would have been responsible for its working interest share of approximately 12%.

The sale of the Interests will allow Chelsea to focus on its operated assets in the Georgina and Surat-Bowen Basins in Queensland. Following the disposition of the associated overriding royalty interests, which did not generate any income, Chelsea retains overriding royalty interests in more than 11 million gross (60,000 net) acres in Australia.