Greenfields Announces Bonus Payment of $2,000,000 by Bahar Energy Limited
Greenfields Petroleum Corporation Announces Bonus Payment of $2,000,000 by Bahar Energy Limited to State Oil Fund of the Republic of Azerbaijan
HOUSTON, TEXAS--(Marketwired - June 2, 2015) -
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Greenfields Petroleum Corporation (the "Company" or "Greenfields") (TSX VENTURE:GNF)(TSX VENTURE:GNF.DB), an independent exploration and production company with producing assets in Azerbaijan, is pleased to announce that, in connection with Bahar Energy Operating Company ("BEOC") receiving confirmation from SOCAR that BEOC has fulfilled its obligations of achieving Target Production Rate 1 ("TPR1") under the Bahar Exploration, Rehabilitation, Development Production Sharing Agreement (the "ERDPSA"), Bahar Energy Limited ("Bahar Energy") completed the transfer of the USD$2.0 million bonus payment to the State Oil Fund of the Republic of Azerbaijan as required under Article 31.1(d) of the ERDPSA.
Under the ERDPSA, meeting the TPR1 requirement secured for Bahar Energy the rights under the ERDPSA to the full twenty-five (25) year development and production period. At SOCAR's request, the bonus payment was held until official confirmation was received from SOCAR triggering the payment obligation, which confirmation was received in May 2015.
About Greenfields Petroleum Corporation
Greenfields is a junior oil and natural gas company focused on the development and production of proven oil and gas reserves principally in the Republic of Azerbaijan. The Company plans to expand its oil and gas assets through further farm-ins, and acquisitions of Production Sharing Agreements from foreign governments containing previously discovered but under-developed international oil and gas fields, also known as "greenfields". More information about the Company may be obtained on the Greenfields website at www.greenfields-petroleum.com.
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