Newton Energy Corporation announces the Letter of Intent (LOI) entered into with a Canadian based independent energy company for the disposal of non-core assets within the UK East Midlands has expired and the transaction did not close.

The parties did not enter into a formal Sale and Purchase Agreement, no consideration was received and the option to purchase the remainder of PEDL 254 and the entire PEDL 255 expired. The option, which was initially to expire on April 30, 2013, was extended until May 14, 2013.

Newton is focused on finalizing the land lease and securing funding to drill and complete two appraisal wells in the Belvoir field.

Tags: Newton Energy Corporation