Mogul Energy International, Inc. Enters Into an Extension Agreement With Excelaron LLC
07 Outubro 2009 - 7:36PM
Marketwired
On September 9, 2009, Mogul Energy International, Inc. (OTCBB:
MGUY) (FRANKFURT: BKX) (the "Registrant") entered into an Extension
Agreement (the "Extension Agreement") with Excelaron LLC
("Excelaron"), a California limited liability company. The
Extension Agreement extended the time for the Registrant to make
the capital contribution that was the subject of the Agreement
dated February 11, 2009 (the "Original Agreement"), between the
Registrant and Excelaron. Under the Original Agreement, the
Registrant is entitled to obtain a 40% Members Percentage Interest
in Excelaron in exchange for a capital contribution of $2,300,000
(the "Capital Contribution"), to be used by Excelaron primarily for
oil and gas exploration activities. The Extension Agreement sets a
new schedule for payment of the Capital Contribution.
On or about September 21, 2009, the Registrant executed a Letter
of Intent ("LOI") with Vesta Capital Corp. ("Vesta"), a Canadian
capital pool company that is a reporting issuer in British
Columbia, Alberta, and Ontario, Canada; United Hydrocarbon
Corporation ("UHC"), a Canadian company; and Barisan Energy Limited
("Barisan"), an Australian company (collectively the "Parties").
Pursuant to the LOI, the Parties agreed to negotiate and use
reasonable efforts to conclude a definitive agreement (the
"Definitive Agreement") on or before October 15, 2009, regarding a
proposed business combination (the "Proposed Transaction"). Under
the Proposed Transaction, if completed, Vesta would acquire an
aggregate 65% interest (the "Interests") in Excelaron, through the
acquisition of the Registrant's right to earn a 40% interest in
Excelaron, the acquisition of UHC's 25% interest in Excelaron, and
the acquisition of Barisan's 4% interest in Excelaron. In exchange
for the Interests, Vesta would issue 65 million shares as follows:
38.5 million to the Registrant; 22.5 million to the shareholders of
UHC on a pro rata basis; and 4 million to Barisan. Upon completion
of the Proposed Transaction, Vesta would own 44% of Excelaron
directly and 21% through its wholly-owned subsidiary UHC. The
Proposed Transaction is subject to a number of conditions and
regulatory approvals, including but not limited to the negotiation
of a definitive agreement, completion of due diligence, receipt of
regulatory approvals, including TSX approval, satisfaction of
corporate governance requirements, and completion of a private
financing of UHC. There can be no assurance that the Proposed
Transaction will be completed.
Mogul Energy International, Inc. has accepted the resignation of
the Vice President of Development and Exploration, Dr. Arthur
Halleran and Director, Mr. Ernie Pratt, effective October 5, 2009.
Dr. Halleran and Mr. Pratt have chosen to pursue other
interests.
Information concerning Mogul Energy International:
Mogul Energy is an oil and gas exploration company with
headquarters in Seattle, Washington.
The common shares of Mogul Energy are quoted on the OTC Bulletin
Board (OTCBB) system under the symbol 'MGUY,' and the Frankfurt
Stock Exchange ("FSE") under the symbol 'BKX.' Further information
concerning Mogul Energy can be found in the Company's filings with
the U.S. Securities and Exchange Commission
(http://www.sec.gov).
Forward-Looking Statements:
This news release contains "forward-looking statements" within
the meaning of the securities laws, which are based on current
expectations and beliefs, as well as on a number of assumptions
concerning future events made with information that is currently
available. Statements in this news release that are not historical
facts are forward-looking statements that are subject to risks and
uncertainties. Words such as "expects," "intends," "plans," "may,"
"could," "should," "anticipates," "likely," "believes" and words of
similar import also identify forward-looking statements.
Forward-looking statements are based on current facts and analyses
and other information that are based on forecasts of future
results, estimates of amounts not yet determined and assumptions of
management, including, but not limited to, the Company's ability to
negotiate, enter into, perform and consummate the business
combination described in this release. Inherent in the Company's
business plan is a belief that Mogul Energy can successfully
explore oil and gas properties in Egypt and Canada, and that the
Company can participate in the development of those properties.
Readers are cautioned not to put undue reliance on such
forward-looking statements, which are not a guarantee of
performance and are subject to a number of uncertainties and other
factors, many of which are outside of Mogul Energy's control, which
could cause actual results to differ materially from such
statements. For a more detailed description of the factors that
could cause such a difference, please refer to Mogul Energy's
filings with the U.S. Securities and Exchange Commission. Mogul
Energy International, Inc. assumes no obligation to update or
supplement such forward-looking statements other than as required
by law.
Contact Information: Company Contact Naeem Tyab Mogul Energy
206-357-4220 naeem@mogulenergy.com http://www.mogulenergy.com
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