OTCPK:WSRLF - Post by User
Post by
miner49er62on Nov 23, 2009 4:30pm
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Post# 16515578
Heritage/Genel merger off
Heritage/Genel merger offHeritage Oil and Genel oil were to merge in a deal to combine both companies in the Taq Taq oil field in Kurdistan. Genel owns a 44% working interest in the field. Heritage has cancelled the merger deal because Iraq and Kurdistan have yet to reach an agreement on how foreign oil companies will be paid for their production. Source: News release, Heritage oil web site, way down at the bottom of a lengthy release of course.
This was a major production, exploration and development deal which I have been watching and this spells bad news for the short term. because an agreement has not yet reached on foreign participation,And now a big boy has walked, I am less encouraged.
I thought for sure these guys would have their business affairs in order by now. Until they do, who knows what will happen to juniors.
Miner