egolinews.com

Arturus Capital Limited ( AKW “the Company”) is pleased to advise that it has reached agreement with Golden Gate Petroleum Ltd, (“GGP”) to sell 100% of its working interests in Caledonian Assets.

The consideration is US$8,000,000 by way of shares and cash and subject to shareholder and regulatory approvals. The Directors of AKW intend, subject to the necessary approvals, to issue the GGP shares issued as part consideration for this transaction in specie to its shareholders, Caledonian Assets On 24 March 2010 Arturus Energy LLC entered into an agreement to lease 8800 acres in the prolific Permian Basin (TEXAS). The leases are located in the Permian Basin in the Reagan and Irion Counties in Texas.

The Permian Basin is one of the most prolific producing oil and gas regions in the United States. It underlies an area of Southeastern New Mexico and West Texas approximately 250 miles wide and 300 miles long. Consideration AKW will receive an initial refundable deposit of US$500,000 by no later than 2 August and further US$2,000,000 cash within the later of 3 months. AKW will also receive 146,000,000 shares in GGP and GGP will also assume US$1,000,000 settlement liability on the outstanding Alegre purchase. Conditions The settlement of the proposed sale is subject to GGP completing its technical due diligence within 14 days of execution of the acquisition agreement.

All necessary shareholder and regulatory approvals and AKW obtaining the necessary approvals to distribute the GGP shares in specie to its shareholders upon issue. The Company, on completion of this transaction, continues to consider other investment opportunities which will deliver the required shareholder returns. ANDREW WALLER Director

Filed under:
Healthcare, News and Views by egoli