Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/empyrean-energy-to-sell-sugarloaf-ami-project-for-.shtmlEmpyrean Energy to sell Sugarloaf AMI project for up to $71.5 million
Empyrean Energy has entered into a conditional purchase and sale agreement with Carrier Energy Partners II, LLC, a Delaware corporation, to dispose of all of its right, title
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Empyrean Energy has entered into a conditional purchase and sale agreement with Carrier Energy Partners II, LLC, a Delaware corporation, to dispose of all of its right, title and interest in the Sugarloaf AMI development for an initial cash consideration of US$61,500,000.
The Company may also receive, in certain circumstances further set out below, a contingent consideration of a maximum of US$10,000,000. Empyrean currently has a 3% working interest in the Sugarloaf AMI Project, which is operated by Marathon Oil Company, a subsidiary of US major Marathon Oil Corporation.
