Azabache Announces Engagement of Reservoir Engineershttps://www.stockhouse.com/news/press-releases/2014/06/25/azabache-announces-engagement-of-reservoir-engineers-and-correction-to-stock
Azabache Energy Inc. ("Azabache" or the "Company") (TSX VENTURE:AZA) is pleased to announce that it has retained Gaffney Kline & Associates of Houston, Texas to conduct a full field resource report on the Company's Covunco Norte Sur Block, Neuquén Province in Argentina (the "Block") and in particular the Vaca Muerta formation. The Company expects the report to be completed in the third quarter of 2014. This report when completed will be helpful to Management as it seeks to commercialize the Block by means of the injection of further capital or a suitable joint venture partner.
The Company as well advises that on June 6, 2014, it announced the issuance of 11,025,000 stock options ("Options") of the Company, which announcement was made in error. The Company announces that pursuant to the terms of its stock option plan, its Board of Directors has approved the granting of options to purchase an aggregate of 7,375,000 common shares, effective June 20, 2014, at a price of $0.13 per share to certain of its directors, officers, employees and consultants. After the grant, the Company will have 6,934,858 options available for issuance.
The options will all have time vesting provisions with one-third vesting on the date of grant, and one third on each of second and third anniversaries of the date of grant.
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