Stockholm, Sweden, 2012-03-13 18:00 CET (GLOBE NEWSWIRE) --
Petrogrand has entered into an option agreement with Geogroup, regarding a sale of 5% of Petrogrand E & P.
Petrogrand is pleased to announce that we successfully have completed the earlier communicated negotiations with the strategic partner and we have entered into an option agreement with Geogroup which means that Geogroup has the right to buy 5% in Petrogrand E & P and Petrogrand AB has the right to buy 5% of Geogroup. The options have a two-year maturity. Petrogrand E & P own the Nizhnepaninsky license. The valuation is based on the equity of each company taking into account the accrued expenses.
Geogroup is an engineering firm specialized in geology and exploration. The company’s specialists have more than 25 years of experience in regional exploration work in the Tomsk area. The company was founded in 2005 and has a very good local geological expertise and have co-operated successfully with local authorities, R&D establishments and companies for many years. One of the leading geologists and co-founders is Mr V.I. Sedunov.
“I’m very happy that we have been able to form this strategic alliance with one of the leading companies in the region. With this co-operation we are strengthening Petrogrand for our future work in the region” comments Maks Grinfeld, CEO, Petrogrand AB.
For further information, please contact:
Maks Grinfeld, CEO, phone: +46 8 5000 7810
Sven-Erik Zachrisson, Chairman, phone: +46 8 5000 7810
Certified Adviser First North: Mangold Fondkommission AB
Reasonable caution notice: The statement and assumptions made in the company's information regarding Petrogrand AB's ("Petrogrand") current plans, prognoses, strategies, concepts and other statements that are not historical facts are estimations or "forward looking statements" concerning Petrogrand's future activities. Such future estimations comprise but are not limited to statements that include words such as "may occur", "concerning", "plans", "expects", "estimates", "believes", "evaluates", "prognosticates" or similar expressions. Such expressions reflect the management of Petrogrand's expectations and assumptions made on the basis of information available at that time.
These statements and assumptions are subject to a large number of risks and uncertainties. These, in their turn, comprise but are not limited to I) changes in the financial, legal and political environment of the countries in which Petrogrand conducts business, II) changes in the available geological information concerning the company's projects in operation, III) Petrogrand's capacity to continuously guarantee sufficient financing to perform their activities as a "going concern", IV) the success of all participants in the group, or of the various interested companies, joint ventures or secondary alliances, V) changes in currency exchange rates, in particular those relating to the RUR/USD rate. Due to the background of the many risks and uncertainties that exist for any oil-prospecting venture and oil production company in its initial stage, Petrogrand's actual future development may significantly deviate from that indicated in the company's informative statements.
