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Friday, July 31, 2009 9:34:37 PM
Dominus Energy, A.G., a Swiss corporation
Hmmmmm how did they get control of the Adams Ranch property?
Northern Explorations, Ltd. (NXPN)
The Company also announced today that it has entered into an option purchase agreement with Dominus Energy, A.G., a Swiss corporation ("Dominus"), to acquire gas wells in the Adams-Baggett field in Crockett County, Texas. Dominus and the Company have effectively terminated and released themselves from the acquisition agreement announced in early June 2009. Due to the difficulties encountered with delays in financing arising from current economic and industry conditions, including a recent decline in gas prices, the parties have postponed the acquisition and instead have entered into the option purchase agreement which management believes could result in the Company's acquisition of the wells and other assets, within 90 days, at terms more favorable to the Company.
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