08:49:37 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Halio Energy Inc
Symbol HOIL
Shares Issued 24,381,492
Close 2017-01-19 C$ 1.25
Market Cap C$ 30,476,865
Recent Sedar Documents

Halio Energy to farm into 25% North Sea interest

2017-01-20 21:01 ET - News Release

Mr. Joseph Casabona reports

HALIO SIGNS LETTER OF INTENT

Halio Energy Inc. has entered into a letter of intent with an arm's-length third party dated Jan. 20, 2017, whereby, subject to entry into a definitive farm-in agreement, Halio has the right to farm into a 25-per-cent participating interest, located in the Central North Sea. In consideration for the transfer of the 25-per-cent interest, Halio is required to pay 33 per cent of the costs of a proposed exploration well and a cash reimbursement of $175,000 (U.S.). Once the interest is earned, Halio will be responsible for 25 per cent of the farm-in well costs, which will be governed by a joint operating agreement. Pursuant to the terms of the LOI, the parties have agreed to an exclusivity period ending March 15, 2017, for Halio to conduct due diligence and sign the definitive agreement.

"We are very pleased with the opportunity to participate in this North Sea project, which is in line with our stated development objectives," said Joseph E. Casabona, chief executive officer.

About Halio Energy

Halio Energy plans to invest in North Sea-, North American- and South American-based oil and gas upstream and producing properties, and intends to procure direct working interests on a non-operated basis, as well as limited partnership, joint venture and MLP interests. Its proposed acquire-and-exploit strategy is focused on properties that show significant opportunities for future scalability, growth and consolidation, targeting assets that provide long-life, high-quality production with relatively predictable decline curves, as well as low-risk development opportunities.

We seek Safe Harbor.

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