Condor and Marsa Announce Extension of Outside Date
Calgary, Alberta –– Condor Petroleum Inc. (TSX: CPI) (Condor) and Marsa Energy Inc. (TSX-V: MEP) (Marsa) announce that the outside date has been extended from March 11, 2016 to April 11, 2016 for completion of the previously announced plan of arrangement (the Arrangement) whereby, among other things, Condor will acquire all of the issued and outstanding common shares of Marsa.
Condor and Marsa have agreed to the extension in order to obtain the consent of the Ministry of Energy and Natural Resources for the Republic of Turkey (the Turkey Consent). If the Turkey consent is obtained and the other conditions to the completion of the Arrangement are satisfied or waived, Condor and Marsa are confident that the Arrangement can be completed on or before April 11, 2016. Full details regarding the terms of the Arrangement are set out in our joint management information circular and proxy statement dated January 22, 2016 which is available on SEDAR at www.sedar.com.
Condor is a Canadian based oil and gas company with a 100% interest in the exploration rights to the 3,777 square kilometer Zharkamys West 1 Territory located in Kazakhstan’s Pre‐Caspian basin. Condor is listed on the TSX under the symbol “CPI”.
Marsa is an international energy company engaged in the acquisition, exploration, development and production of oil and natural gas and has a 100% working interest in four contiguous production licenses covering approximately 171 square kilometers located on the Gallipoli Peninsula in the Republic of Turkey. Marsa is headquartered in Calgary, Alberta, Canada and is publicly traded on the TSX Venture under the symbol “MEP”.