Petro Vista, Loon Energy cancel LOI to combine
Petro Vista Energy Corp(C:PTV)
Shares Issued 36,414,000
Last Close4/6/2009 $0.175
Tuesday April 07 2009 - News Release
Mr. Read Taylor reports
PETRO VISTA ANNOUNCES DISCUSSIONS HAVE TERMINATED REGARDING ACQUISITION OF LOONENERGY
Petro Vista Energy Corp. has been unable to conclude an agreement withLoon Energy Corp. on their proposed business combination. Consequently,the boards of Petro Vista and Loon Energy have determined that it is inthe best interests of their shareholders to terminate the letter ofintent between them announced in Stockwatch on Feb. 23, 2009.
ReadB. Taylor, president and chief executive officer of Petro Vista,commented: "We have been working closely with Loon Energy over the pastfive weeks to address outstanding issues, however, we have been unableto find a mutually acceptable solution on some of the key points in thefinal agreement. We believe it is in Petro Vista's best interest toterminate the proposed merger and continue to pursue acquisitionopportunities where they make sense and complement Petro Vista'soverall growth strategy."
Petro Vista continues to focus itsefforts on establishing near-term production in the Morichito block,Colombia, by leveraging value from strategic farm-outs where PetroVista is being carried on an $8.8-million (U.S.) exploration programthat will pay 100 per cent of the costs of drilling and completingexploration wells No. 1N and No. 3. This drill program, which iscurrently under way, will be completed in early June, 2009.
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