CORRECTION - Maurel & Prom: Maurel & Prom - Completion of Caroil SAS Acquisition by Tuscany International Drilling Inc

News provided by

Maurel & Prom

Sep 16, 2011, 03:57 ET

Maurel & Prom is pleased to announce that it closed on September 15th, 2011, the acquisition by TUSCANY INTERNATIONAL DRILLING INC of all of the issued and outstanding shares of Caroil SAS. The transaction includes the following financial terms:

  • Payment on September 15th , 2011, of US$ 117 million (US$ 3 million already paid as deposit);
  • Issuance for the exclusive benefit of Maurel & Prom of :
    • 81,500,000 common shares of Tuscany listed in Toronto (TSX : TID)
    • 27,500,000 zero cost, non-transferable, non-voting common share purchase warrants of Tuscany;
  • Pursuant to the terms of the shareholder rights agreement entered into at closing, appointment of two new board members designated by Maurel et Prom main shareholder at the present time.

For more information, go to http://www.maureletprom.fr

This document may contain forward-looking statements regarding the financial position, results, business and industrial strategy of Maurel & Prom. By nature, forward-looking statements contain risks and uncertainties to the extent that they are based on events or circumstances that may or may not happen in the future. These projections are based on assumptions we believe to be reasonable, but which may prove to be incorrect and which depend on a number of risk factors such as, fluctuations in crude oil prices, changes in exchange rates, uncertainties related to the valuation of our oil reserves, actual rates of oil production and the related costs, operational problems, political stability, legislative or regulatory reforms, or even wars, terrorism and sabotage.

Maurel & Prom is listed for trading on Euronext Paris - compartiment A - CAC® mid 60 - SBF120® - CAC® Mid & &Small - CAC® All-Tradable - CAC®

All-Share ISIN FR0000051070 / Bloomberg MAU.FP / Reuters MAUP.PA

Contact:
INFLUENCES
: +33-1-42-72-46-76    
: [email protected]

SOURCE Maurel & Prom

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