VANCOUVER, June 3, 2019 /CNW/ – CruzSur Energy Corp. (the “Company” or “CruzSur“) (TSXV: CZR), announces the departure of certain members of its Executive Management Team; Dr. Ralph Gillcrist, President and Chief Executive Officer, Mr. Alan Aitchison, Chief Operating Officer and Mr. Rafael Orunesu, Vice President Business Development and President Argentina. Dr. Gillcrist will resign his Board position with immediate effect. In conjunction with their departure, a total of 2,916,666 shares will be issued to the departing management as a partial severance settlement subject to TSX Venture Exchange approval. The Company also announces the resignation of the … Continue Reading
VANCOUVER, May 28, 2019 /CNW/ – CruzSur Energy Corp. (the “Company” or “CruzSur“) (TSXV: CZR), is pleased to announce that the disputes with the counterparties in the Company’s original acquisitions of economic beneficial interests in the Sinu-9 Block and Tiburon Block have been resolved and that terms for a new farmout agreement for the SN-9 Block have been agreed to with Panacol Oil & Gas (“Panacol“).
In August 2018, the Company received a letter from Clean Energy Resources S.A.S (“Clean“) as party to the Purchase and Sale Agreement for the SN-9 Block (“SNâ9 PSA“) pursuant to which the … Continue Reading
VANCOUVER, May 7, 2019 /CNW/ – CruzSur Energy Corp. (the “Company” or “CruzSur” ) (TSXV: CZR) is pleased to announce that it has closed its previously announced non-brokered private placement of secured convertible debentures (“Financing”) for aggregate proceeds of $3,350,000.
The subscribers to the financing have been issued convertible debentures (Debentures”) which will bear interest at the rate of 10% per annum until May 7, 2024.
The principal amount of the Debentures are convertible into units of the Company at a conversion price of $0.15 per unit. Each unit will be comprised of one common share of … Continue Reading
VANCOUVER, April 30, 2019 /CNW/ – CruzSur Energy Corp. (the “Company” or “CruzSur”) (TSXV: CZR) announces the filing of its Annual Audited Consolidated Financial Statements and Management Discussion & Analysis for the years ended December 31, 2018 and December 31, 2017, as well as its 2018 Year End Reserves Report. All dollar values in this news release and the Company’s financial disclosures are in United States dollars, unless otherwise stated.
Revenues for the year-end were obtained from the working interest in the Llancanelo, SRDE, KM8, and Mariposa Assets.
The Company recognized impairment losses of $58.9 million… Continue Reading
VANCOUVER, April 11, 2019 /CNW/ – CruzSur Energy Corp. (the “Company” or “CruzSur” ) (TSXV: CZR) is pleased to announce that it has arranged a non-brokered private placement of secured convertible debentures for aggregate proceeds of US$2,500,000, to enable the Company to restructure its portfolio of assets and settle outstanding liabilities. The lead investor in the financing is Frank Giustra and other insiders are expected to participate in the financing. If any potential placee would upon conversion become a greater than 20% shareholder of the Company, the Company will seek shareholder approval prior to the conversion.
The debentures … Continue Reading
VANCOUVER, Feb. 13, 2019 /CNW/ – CruzSur Energy Corp. (the “Company” or “CruzSur“) (TSXV: CZR), provides an update on the Llancanelo asset and its reduction of liabilities, with YPF S.A. (“YPF“), the operator of the concession.
The Company has arrived at a settlement agreement with YPF whereby YPF will cancel the outstanding liabilities of CruzSur associated with the Llancanelo block and CruzSur has agreed with YPF to return its 39% working interest in the Llancanelo block. This will result in a significant reduction of liabilities from the Company’s balance sheet, as described in the Company’s latest MD&A on SEDAR … Continue Reading
VANCOUVER, Dec. 12, 2018 /CNW/ – CruzSur Energy Corp. (the “Company“) (TSXV: CZR), is pleased to provide an update on the Maria Conchita Block in Colombia which it operates under the 100% owned subsidiary´s Colombian branch MKMS Enerji Sucursal Colombia (“MKMS”).
With the drilling of the Istanbul-1 well (the “Well“), the commitments with the National Hydrocarbon Agency of Colombia (“ANH” â Agencia Nacional de Hidrocarburos) for phase 2 of the exploration program of the Maria Conchita Exploration and Production Contract (the “Contract“) have been completed.
Based on the results of the Well a technical discovery was registered with … Continue Reading