Condor Petroleum Inc. says that its wholly owned subsidiary, Condor Netherlands Petroleum B.V. has entered into a binding sale and purchase agreement to sell its 66% participating interest in and certain indebtedness of Marsel Petroleum LLP (Marsel), which owns the hydrocarbon exploration rights for the 18,500 square km Marsel Territory located in the Republic of Kazakhstan. The sale price is US $88.0 million.

The buyer is a non-listed international oil and gas group (the "Buyer"). The transaction requires various waivers and consents from the Government of Kazakhstan and is subject to the satisfaction of certain commercial conditions and third party waivers typical for transactions of this nature. The transaction is expected to be completed by the fourth quarter of 2013. In the interim period prior to closing, the Buyer has agreed to provide Marsel with a US $5.0 million loan to fund certain costs, including costs related to ongoing exploration activities.

Tags: Condor Petroleum Inc.