LNG Energy signs LOI for Palo Duro assets

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Wed, Sep 10, 2008
Oil & Gas Company News
Post by Geetha Raghavan, Oil and Gas Researcher

LNG Energy reports that it has signed a letter of intent with Tyner Resources whereby it has agreed to transfer to Tyner all of its 15% working interest in oil and gas leases in the Palo Duro Basin.

In consideration of the transfer of the interest (the “Transaction”), Tyner has agreed to issue, subject to regulatory approval, 9,378,208 common shares in its capital stock to LNG Energy, representing 13.2% of the number of issued and outstanding shares of Tyner following the completion of the Transaction.

For full details of this press release, click this link. To view LNG company profile, click here. Follow developments in oil and gas mining and exploration for free. Sign on to the Oil and Gas Investing Newsletter.

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