Daily Stock Setups

Pacific Asia Petroleum to acquire CAMAC's interest in Oyo oilfield

Posted on: Wed, 25 Nov 2009 08:41:00 EST

Symbols: PAP

Are you looking to increase your ETF knowledge?

Nov 25, 2009 (Datamonitor via COMTEX) --
PAP | Quote | Chart | News | PowerRating -- Pacific Asia Petroleum has signed a purchase and sale agreement with CAMAC Energy Holdings and certain of its affiliates to acquire all of CAMAC's interest in a production sharing contract with respect to that certain oilfield asset known as the Oyo oilfield. The transaction is expected to close during the first quarter of 2010 and is subject to certain closing conditions.

The Oyo oilfield is located approximately 75 miles off the Southern Nigerian coast in deep-water. Operation of the Oyo oilfield is secured through OML 120, an oil mining lease awarded to affiliates of CAMAC in 2002 by the Federal Republic of Nigeria.

CAMAC group holds a 60% interest in OML 120, on which the Oyo oilfield is located, with the remaining 40% held by the field's operator, Nigerian Agip Exploration, a subsidiary of Eni.

The Oyo oilfield is in the final preparation stage for the commencement of production. The Oyo oilfield will produce into the floating production storage and offloading vessel, Armada Perdana.

In exchange for all of CAMAC's interest in the production sharing contract with respect to the Oyo oilfield, the company has agreed to pay $38.84 million in cash to retire existing debts and issue common stock to CAMAC equal to 62.74% of the company's issued and outstanding common stock.

Frank Ingriselli, president and CEO of Pacific Asia Petroleum, said: "The signing of today's agreement with the CAMAC group is a significant milestone in a recent string of new and exciting developments at Pacific Asia Petroleum. In the past three months, not only have we started production and generated our first revenue from our existing energy projects in China, but we have also expanded our early cash flow and high-return strategies outside the Pacific Rim."

http://www.datamonitor.com

Republication or redistribution, including by framing or similar means,
is expressly prohibited without prior written consent. Datamonitor shall 
not be liable for errors or delays in the content, or for any actions 
taken in reliance thereon

For full details on (PAP) PAP. (PAP) has Short Term PowerRatings at TradingMarkets. Details on (PAP) Short Term PowerRatings is available at This Link.

More News: Market Updates | Stock Alerts | All Trading News

Disclaimer:

The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.

It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.

HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.

The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302

All analyst commentary provided on TradingMarkets.com is provided for educational purposes only. The analysts and employees or affiliates of TradingMarkets.com may hold positions in the stocks or industries discussed here. This information is NOT a recommendation or solicitation to buy or sell any securities. Your use of this and all information contained on TradingMarkets.com is governed by the Terms and Conditions of Use. Please click the link to view those terms. Follow this link to read our Editorial Policy.