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.

Tags: Empyrean Energy