HISTORYHISTORY
Regent announces that EuroGas Polska sp. z o.o., a wholly-owned subsidiary of McCallan Oil & Gas (UK) Ltd., together with Poland's National Oil & Gas concern, Polish Oil & Gas (PGNiG) and Aurelian's wholly-owned Polish subsidiary Energia Bieszczady sp. z o.o. executed a final Joint Operation Agreement (JOA) at PGNiG's headquarters in Warsaw, Poland.
Under the terms of the new JOA, PGNiG will be the operator of the JOA holding a 51% working interest. Aurelian owns 25% of the JOA and EuroGas Polska 24%. Regent has a 45% interest in McCallan with an option to acquire an additional 6%.
As part of the agreement, Aurelian has secured funding of EuroGas Polska's entire 24% Phase I working interest in the JOA (Seismic and the drilling of a 13.000 feet deep well). In return, EuroGas Polska has transferred a 25% working interest in the JOA to Aurelian and has also given Aurelian a right of first refusal to acquire EuroGas Polska's 24% interest should EuroGas Polska wish to sell its remaining interest.
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EuroGas is in the midst of negotiations with respect to the oil and gas interests held by McCallan and was not able to close its related financing in time to make the payment of $3,000,000 due on March 31, 2010 under the original agreement
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AURELIAN IS SOARING.
Wolfgang has failed to meet his obligations to REV time and time again. REV still owns 51%
Wolftrap is spending the money he owes us in litigation.
The Polish project appears to be moving in the right direction.
If REV could find another party to JV would our SP soar as per Aurelian.?