We are pleased that we will be able to perform the work that we set out over two years ago to undertake and turn a relatively fragmented oil field into a significant asset with tangible revenue streams."
It looks like CGRA will have an offering of the bond for £15,000,000 British Pounds Sterling which equates to $21,314,250 US Dollars. Also important to note…
http://ih.advfn.com/p.php?pid=nmona&article=70859056&symbol=CGRA ”…We are pleased that we will be able to perform the work that we set out over two years ago to undertake and turn a relatively fragmented oil field into a significant asset with tangible revenue streams."…
The policy, structured by a leading global provider of risk management and insurance coverage, provides cover for project assets, revenue stream(s), and project liabilities. The Company's coverage contribution to the bond is $10,000,000.00 - lending additional third party validation of its assets.
The net proceeds will be distributed to the three Joint Venture projects to include the Company's Powder River Basin oil and gas project. This project is huge from my understanding as it is located adjacent to Anadarko’s EOR Project in the Salt Creek Field, Wyoming's largest oil field, which has been sold to a Texas energy company and a New York private equity firm. The Anadarko property that is directly adjacent to CGRA’s property has over 2 billion barrels of original oil in place, with only a portion of that recovered to-date: http://trib.com/business/energy/anadarko-sells-salt-creek-oil-field/article_8ac6ddbd-7810-5cac-8ab9-d5d4b0887d68.html