The TSX Venture Exchange has accepted for filing documentation pursuant to a purchase and sale agreement, and royalty agreement, between the company and President Energy PLC. As per the terms of the agreements, the company will transfer its 36-per-cent working interest in the Pirity concession, Chaco region, Paraguay, to President. In exchange, the company will receive a 3-per-cent net profits royalty on the Pirity concession, $500,000 (U.S.) cash, forgiveness of debt in the amount of approximately $2.85-million (U.S.) and contingent payment of up to $2.7-million (U.S.).