Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/financial/money/petro-one-energy-enters-into-a-drilling-joint-vent.shtmlPetro One Energy enters into a drilling Joint Venture
Petro One Energy Corp. has entered into a Program Earning and Joint Venture Agreement (the "Agreement") with Korea Myanmar
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Petro One Energy Corp. has entered into a Program Earning and Joint Venture Agreement (the "Agreement") with Korea Myanmar Development Corporation (KMDC) which provides for a $4,000,000 private placement financing (PP#1) and a $14,000,000 funding (the "Phase 1 Funding") to drill up to 11 oil wells on certain of the Company's oil and natural gas leases in Saskatchewan and Manitoba (the "Program Lands") plus a Lodgepole production test of the well previously drilled at South Reston (#SR1) by Petro One and Goldstrike Resources Ltd. (Phase 1).
In addition, on completion of Phase 1, KMDC will have the option to provide additional funding (the "Phase 2 Funding") in an amount between $42,000,000 and $82,000,000 to finance additional drilling, with the right to substitute equity funding (PP#2) for a portion of the Phase 2 Funding.
