TORONTO, Nov. 23, 2021 (GLOBE NEWSWIRE) — Sintana Energy Inc. (TSXV: SEI) (the “Company” or “Sintana”) is pleased to announce that its indirect wholly-owned subsidiary, Patriot Energy Oil and Gas Inc. (“Patriot”) has entered into an amendment agreement (the “Amendment Agreement”) to the farmout agreement with ExxonMobil Exploration Colombia Limited (“ExxonMobil”) with respect to the 43,158 acres property known as the VMM-37 block located in the Middle Magdalena Valley (VMM) Basin, Columbia (“VMM-37”). Patriot and ExxonMobil previously entered into a farmout agreement (the “ExxonMobil Agreement”) for the exploration and development of unconventional crude oil and natural gas resources underlying VMM-37 pursuant to which Patriot retained a 30% carried participation interest in the unconventional resources. The Amendment Agreement provides Patriot the option to participate in post-contracts occurring after ExxonMobil’s VMM 37 Platero #1 Comprehensive Research Pilot Project (“CEPI”) is completed. In consideration of ExxonMobil’s work in connection with the CEPI, the Company has agreed to adjust its carried participation interest in the unconventional resources to 25%. Patriot and ExxonMobil have entered into the Amendment Agreement to reflect this adjustment and ratify the commercial arrangement between the parties.
Chief Executive Officer Doug Manner commented: “We are pleased to have successfully completed negotiations with ExxonMobil regarding ratification of our commercial arrangement with Exxon and a path forward post completion of the CEPI.”
The Company is currently engaged in hydrocarbons exploration and development activities in Colombia’s Magdalena Basin. Sintana’s business strategy is to acquire, explore, develop and produce superior quality assets with significant reserves potential.
On behalf of Sintana Energy Inc.,
“Douglas G. Manner”
Chief Executive Officer
For additional information regarding Sintana and ongoing corporate activities, please visit the Company’s website at www.sintanaenergy.com.
|Corporate Contact:||Corporate Contact:|
|Douglas G. Manner||Sean J. Austin|
|Chief Executive Officer||Vice President|
|Tel: 832.279.4913||Tel: 713.825.9591|
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Forward Looking Statements – Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including risks related to the prospective nature of VMM-37, currency risk, political and security risks relating to operations in Colombia, availability of capital, permitting and land title issues, the risks inherent in oil and gas exploration and development activities, and such other risk factors as are set forth in the Company’s continuous disclosure documents available on SEDAR from time to time. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company disclaims any obligation to update the forward-looking statements contained herein other than as required under applicable securities laws.