Gallic Energy Enters Letter of Intent with Energy Invest Group
Rochester, NY 10/14/2009 06:30 PM GMT (TransWorldNews)
Gallic Energy Ltd. (TSX-V: GLC) has entered an arm's length letter of intent agreement with Energy Invest Group Ltd. The agreement is for Gallic to acquire a 75% working interest in the East Cushing and Cottonwood oilfields in Creek County, Oklahoma. The oilfields currently produce 30 barrels of oil per day. The current production consists of 13 wells producing from the Red Fork sand. Gallic has plans for redevelopment in both fields.
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The letter of intent includes an option for Gallic to purchase from EIG, within 12 months, an additional 5 fields at a price of $3.00 per barrel of oil based on an independent reserves report to be completed. The right of first refusal for Gallic to purchase from EIG over 12 additional oil and gas fields of various sizes in Oklahoma, Texas and other states.
The consideration for the acquisition is Gallic's issuance of 11,000,000 class A common shares of Gallic.
About Gallic Energy
Gallic Energy Ltd. (Gallic) is a Canada-based company. The Company is engaged in direct investments in international oil and gas projects. The Company focused on the circum-Mediterranean region and Australia. On January 15, 2009, the Company acquired 294,000 hectares of land, known as EP 464. It focuses on oil exploration activities in the area. On April 3, 2008, Gallic acquired 514 square kilometers in the Aquitaine Basin of France from the French Ministry of Industry for exploration. It also received a second area comprising of 781 square kilometers in the Aquitaine Basin of France. In November 2008, Gallic disposed of its 15% working interest in a gas well in NE British Columbia.
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