ECONOMY

Canadian firm acquires stakes in Romanian oil and gas concessions

BUCHAREST (SeeNews) – Canadian company Oracle Energy Corp has completed the acquisition of a 20 percent interest in six concessions for oil and gas in Romania in exchange for company shares worth $500,000 (412,150 euro). «The total purchase price of $500,000 has been satisfied with the final issuance of 917,059 common shares of Oracle Energy Corp to Carpathian Energy Companie Petroliera SRL,» the company said in a statement posted on its Web site. Under the deal between Oracle Energy and Bucharest-based Carpathian Energy Companie Petroliera, the former was granted the option to acquire up to 20 percent interest in the oil and gas concessions. Carpathian Energy Companie Petroliera is a privately owned independent oil and gas firm operating in Eastern Europe. It was set up in 2001 by by US-based Inland Petroleum LLC and Alexandru Popescu, a businessman and former Romanian cabinet minister, to acquire concession contracts on government-owned oil and gas fields that had been shut down or abandoned due to lack of technology and money to develop them. Oracle Energy Corp (www.oracleenergy.com) is actively pursuing other international oil and gas projects to add to its assets in Romania, Yemen and Peru, the company said.