Falcon Oil property agreement for Beetaloo interest

2010-03-16 16:16 ET - Property Agreement

The TSX Venture Exchange has accepted for filing documentation relating to a non-arm's-length agreement dated Dec. 7, 2009, between Falcon Oil & Gas Ltd. (the company); Falcon Oil & Gas Australia Pty. Ltd. (Falcon Australia), a wholly owned subsidiary of the company; PetroHunter Energy Corp.; and Sweetpea Petroleum Pty. Ltd., a wholly owned subsidiary of PetroHunter. Pursuant to the agreement, Falcon Australia shall acquire the remaining 25-per-cent interest (it already owns a 75-per-cent interest) in four Beetaloo basin exploration permits, located in the Northern Territory of Australia, from Sweetpea.

As consideration, Sweetpea shall receive a 25-per-cent interest in Falcon Australia.

For more information, refer to the company's news release dated Dec. 7, 2009.

http://www.stockwatch.com/newsit/newsit_newsit.aspx?bid=Z-C:FO-1698298&symbol=FO&news_region=C