Condor Receives Proceeds for the Sale of Marsel
CALGARY, February 12, 2014 – Condor Petroleum Inc. (“Condor” or the “Company”) (TSX: CPI) is pleased to announce that the sale of Condor’s 66% interest in the Marsel Territory for US$88.0 million (“Marsel Transaction”) was completed on January 28, 2014. After registering the Marsel Transaction with certain regulatory authorities in Kazakhstan, US$83.0 million (CA$91.3 million) held in escrow was released and has been received by the Company. An additional US$5.0 million (CA$5.5 million) is due from the buyer on July 27, 2014.
As previously reported, the Company plans to use a portion of the Marsel Transaction proceeds for the Zharkamys West 1 Territory 2014 capital program, which includes 7 exploration wells targeting 93 MMboe unrisked mean recoverable prospective resources.