Source Petroleum signs binding LoI to acquire Fuel-x
Thursday, January 4 2007 - 12:34 AM WIB
Calgary-based oil firm Source Petroleum, Inc. announced Wednesday it has executed a binding letter of intent to acquire all of the assets of another canadian oil firm Fuel-x International Inc.
The two companies expect to conclude a Definitive Agreement on or before January 12, 2007.
Fuel-x International is a Calgary-based international oil and gas company whose assets are interest in two Indonesian oil and gas blocks. The company has 50 percent interest in Sebuku PSC offshore East Kalimantan and 30 percent in Tungkal PSC in Southern part of Sumatra. Both blocks are operated by Pearl Oil.(denny)