Condor Signs Letter of Intent to Purchase Existing Oil Terminal
* Reuters is not responsible for the content in this press release.
Thu Mar 1, 2012 9:15am EST
CALGARY, ALBERTA, Mar 01 (MARKET WIRE) --
Condor Petroleum Inc. ("Condor" or the "Corporation") (TSX:CPI) is
pleased to announce the signing of a Letter of Intent ("LOI") to purchase
a 90% interest in an existing oil storage and rail terminal in
Kazakhstan. The oil terminal is located 12 kilometers northwest of
Condor's Zharkamys West 1 Contract Territory (the "Zharkamys Territory").
The terminal includes 1,200 m3 (7,500 barrels) of oil storage capacity
and is designed to load 4 rail cars simultaneously. The terminal has a
rail spur which ties directly into the main rail line between Aktobe and
Atyrau. In addition to providing expected transportation cost savings,
the terminal's existing access to the rail system should expand Condor's
future oil marketing options.
The LOI is subject to certain conditions including facility upgrades and
re-licensing of the terminal, and the execution of a definitive purchase
and sale agreement.
About Condor Petroleum Inc.
Condor is an oil and gas corporation engaged in the exploration for, and
the acquisition, development and production of oil and natural gas in
Kazakhstan and Canada. Condor holds a 100% interest in the oil and
natural gas exploration rights to the 2,610 square km Zharkamys
Territory, located in Kazakhstan's Pre-Caspian basin. Condor also holds a
66% interest in Marsel Petroleum LLP which has the exploration rights to
the 18,500 square km Marsel Territory, located in Kazakhstan's Chu-Sarysu
basin. For further information see Condor's (final) prospectus, dated
March 31, 2011, a copy of which is available under Condor's SEDAR profile
at www.sedar.com. ...
Quelle: http://www.reuters.com/article/2012/03/01/...2+01-Mar-2012+MW20120301
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