CAV Camrova Resources Inc

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES

Cap-Link Ventures Ltd. (the "Company" or "Cap-Link") (TSX VENTURE:CAV) announces
that, Petrodorado Ltd. ("Petrodorado") has been advised by Pacific Rubiales
Energy Corp. ("PRE") that Petrodorado is the successful bidder to farm-in to
five exploration blocks in Colombia and Peru held by PRE. PRE reported by press
release dated November 25, 2009 that Petrodorado will acquire the interests
described below and that the process to complete the assignments of the
interests will proceed as soon as possible.


As previously announced by the Company on November 3, 2009, the Company has
entered into a letter agreement (the "Letter Agreement") with Petrodorado under
which Cap-Link proposes to acquire all of the outstanding shares of Petrodorado
(the "Acquisition").


Colombian Blocks:

Tacacho Block:

PRE has advised Petrodorado that it has been awarded a 49.5% working interest in
the Tacacho block located in the Putumayo Basin of Colombia. In exchange,
Petrodorado will provide 100% of the total investment required to complete the
first phase of the minimum exploration program ("MEP") for the block, equal to
US$8.0 million.


The 24 month-long first exploration phase of the MEP requires a minimum
investment of US$8.0 million, which will be spent on the acquisition, processing
and interpretation of 480 kilometers of 2D seismic. PRE will retain a 50.5%
working interest in the block.


Moriche Block (Mauritia East Prospect):

PRE has advised Petrodorado that it has been awarded a 49.5% working interest in
the Mauritia East Prospect, located in the Llanos Basin of Colombia. In exchange
for this working interest, Petrodorado will fund 100% of the total investment
for the current exploratory phase for the block, equal to US$5.53 million.


This exploration phase requires a minimum investment of US$6.5 million, which
will be spent on the drilling of one exploratory well. PRE will retain a 35.5%
working interest in the Mauritia East Prospect.


Buganviles Block:

PRE has advised Petrodorado that it has been awarded a 29.5% working interest in
the Buganviles Block located in the upper Magdalena basin of Colombia. In
exchange for this working interest Petrodorado will fund 100% of total
investment for future exploratory work in the block, equal to US$2.27 million.


This exploration phase involves a minimum investment of US$4.6 million, which
will be spent on the drilling of one new exploratory well. PRE will retain a
19.875% working interest in future exploratory activities.


Peruvian Blocks:

Block 135:

PRE has advised Petrodorado that it has been the awarded a 45% working interest
in Block 135 located in the Maranon Basin of Peru. In exchange for this working
interest, Petrodorado will fund 45% of the total investment for the second
exploratory phase for the block, equal to US$16.2 million.


This exploration phase requires a minimum investment of US$36 million, which
will be spent on the acquisition of 704km of 2D seismic and the drilling of one
exploratory well. PRE will retain a 55% working interest in the block.


Block 138:

PRE has advised Petrodorado that it has been awarded a 45% working interest in
Block 138 located in the Ucayali Basin of Peru. In exchange for this working
interest, Petrodorado will fund 45% of the total investment for the second
exploratory phase for the block, equal to US$15.3 million.


This exploration phase requires a minimum investment of US$34 million, which
will be spent on the acquisition of 525km of 2D seismic and the drilling of one
exploratory well. PRE will retain a 55% working interest in the block.


All of the working interests are subject to the execution of closing documents
relating to each farm-in transaction and, where applicable, Colombian or
Peruvian governmental and/or regulatory approvals.


Acquisition and Financing

Cap-Link understands the completion of the assignments is subject to concluding
formal agreements and applicable Colombian and Peruvian governmental and
regulatory approvals, and therefore Cap-Link cannot provide assurance that the
assignments will be completed. Cap-Link has not yet completed its due diligence
in regard to the exploration blocks or the terms of the assignments in question.


The closing of the Acquisition between Cap-Link and Petrodorado continues to be
subject to a number of conditions, including: (a) entering into of a formal
binding agreement; (b) completion of due diligence; (c) the approval of the
TSXV; (d) the approval of the shareholders of Cap-Link; (e) the cancellation of
certain share purchase warrants of Cap-Link; (f) completion of a financing to
raise not less than $50,000,000 by Cap-Link; and (g) closing occurring not later
than December 31, 2009.


As previously announced on November 20, 2009, the Company proposes to raise up
to CDN$75 million by way of a private placement of subscription receipts. The
closing of the private placement is expected to occur on or about December 3,
2009 and is subject to the receipt of all necessary regulatory and stock
exchange approvals. Upon closing of the offering, the proceeds from the sale of
the subscription receipts will be deposited in escrow and will be released to
the Company upon the satisfaction by the Company of certain conditions,
including the closing by the Company of the Acquisition. The proceeds from the
offering will be used to fund exploration and development activities on
Petrodorado's South American oil and gas properties and for general corporate
purposes.


CAP-LINK VENTURES LTD.

J. Stephen Barley, President & CEO

This press release does not constitute an offer to purchase securities. The
securities to be offered in the offering have not been and will not be
registered under the United States Securities Act of 1933, as amended, or any
state securities laws and may not be offered or sold in the United States or to,
or for the benefit or account of, a U.S. person, except pursuant to an available
exemption from such registration requirements.


Cautionary Note Regarding Forward-Looking Statements

Except for the statements of historical fact contained herein, the information
presented constitutes "forward looking statements". Such forward-looking
statements, including but not limited to those with respect to the closing of
the assignment of interests from PRE to Petrodorado, the closing of the
Acquisition and the closing of the financing, uncertainties and other factors
which may cause the actual results, performance or achievements of the Company
or Petrodorado to be materially different from any future results, performance
or achievements expressed or implied by such forward-looking statements.
Although the Company has attempted to identify important factors that could
cause actual results to differ materially, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can be no
assurance that such statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking
statements.

Camrova Resources (TSXV:CAV)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024

Camrova Resources (TSXV:CAV)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024