VANCOUVER, Sept. 5, 2019 /CNW/ – CruzSur Energy Corp. (the “Company” or “CruzSur“) (TSXV: CZR), announces it has received a natural gas purchase offer for the Maria Conchita field in Colombia from Energy Transitions SAS ESP. This is a binding offer to purchase the natural gas delivered at the well head for 10 years. With this agreement, Energy Transitions SAS ESP will install the treatment facilities at its own risk and infrastructure necessary to transport the gas according to the adopted monetization scheme (CNG, LNG, Gas to Power, pipeline, etc.) and will have the right of first purchase option … Continue Reading
VANCOUVER, Sept. 3, 2019 /CNW/ – CruzSur Energy Corp. (the “Company” or “CruzSur“) (TSXV: CZR), announces it has appointed Ronald Pantin as Executive Chairman of the Company and has signed a Memorandum of Understanding with Panacol Oil & Gas Corp. (“Panacol“) to jointly develop assets of CruzSur in Colombia and Argentina. Initially, Panacol will emphasize its efforts on the E&P Contract for the Sinu 9 (SN-9) Block.
Ronald Pantin was the Chief Executive Officer and Executive Director of Pacific Exploration & Production, the prime independent oil company in Latin America, until November 2016.
Mr. Pantin worked … Continue Reading
Amendment to August 1, 2019 news release
VANCOUVER, Aug. 2, 2019 /CNW/ – CruzSur Energy Corp. (the “Company” or “CruzSur“) (TSXV: CZR), reports further to yesterday’s news release, there was a typo on SN 9 drilling rigs which are expected on site in Q1 2020 not 2021. In addition, the Company plans for re-entry in 2020 in the Aruchara well. Aruchara will be the first re-entry for service repair followed by the Istanbul well. Aruchara is the first discovery on Maria Conchita field where it tested 14 million cubic feet of gas a day by Texaco in the 1980’s.… Continue Reading
VANCOUVER, Aug. 1, 2019 /CNW/ – CruzSur Energy Corp. (the “Company” or “CruzSur“) (TSXV: CZR), a growth-oriented oil and gas venture with significant assets in Latin America, has commenced a US$22 million phased development program at Sinu-9 (SN-9), a high-priority Colombian natural gas prospect, and is pleased to provide an update on other projects.
SN-9 is an 18,000 acre project located in the Lower Magdalena basin, a prolific hydrocarbon producing region near the Caribbean coast. CruzSur holds a 72% interest in the SN-9 block, which is adjacent to Canacol Energy’s Esperanza block.
The Company believes … Continue Reading
VANCOUVER, July 10, 2019 /CNW/ – CruzSur Energy Corp. (the “Company” or “CruzSur“) (TSXV: CZR), announces that it has it has granted an aggregate of 2,462.500 stock options under the Company’s stock option plan to directors, officers, employees, consultants of the Company and charities with an exercise price of C$0.45 per stock option, exercisable for a period of ten years from the date of grant.
The Company has re-priced a total of 72,500 stock options which were previously granted to consultants of the Company to $0.45 per share. Except for the amendment of the exercise price, all original terms … Continue Reading
VANCOUVER, July 2, 2019 /CNW/ – CruzSur Energy Corp. (the “Company” or “CruzSur“) (TSXV: CZR), is pleased to announce that the disputes with Petro AP (Hong Kong) Company Limited and Procomm Investment Limited (the “Claimants“), in relation with the Stock Purchase Agreement of 100% of the shares of Alianza Petrolera Argentina S.A., a company organized and existing under the laws of Argentina have been resolved.
On May, 2017 a Stock Purchase Agreement (amended on July, 2017) was entered into among the Company’s wholly-owned subsidiary Patagonia Oil Corp. (“Patagonia“) and the Claimants, to which Patagonia purchased from the … Continue Reading
VANCOUVER, June 26, 2019 /CNW/ – CruzSur Energy Corp. (the “Company” or “CruzSur“) (TSXV: CZR), is pleased to announce the appointment of Ms. Marianella Bernal Parada as Chief Financial Officer of the Company. The appointment follows the resignation of Mr. Chris Reid as Chief Financial Officer.
In conjunction with severance payment settlements with Mr. Reid and another employee, the Company intends to issue an aggregate of 814,814 common shares at a price of $0.27 per share as partial severance settlements. The Company has also terminated the Royalty Agreement between Dexton International Ltd. and Patagonia Oil Corp. and have agreed … Continue Reading
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