Premier Energy Corp’s Non-Binding Letter with Rossgaz LLC

Premier Energy is international oil as well as gas based company hat is located in United States. This company is organized under the laws of the State of Florida, announced today it has signed a non-binding letter of the intent with "Rossgaz LLC", a limited liability company in the Russian Federation, to acquire all securities issued and outstanding Speckrit LLC and the remaining forty nine percentage in CJSC Karbon, both owned by Rossgaz and its affiliates.


The LOI sets out the basic terms of the purchase transaction as operations and reflects the current good faith purpose of the Rossgaz, Premier Speckrit and their respective shareholders. Premier Energy Corp. is responsible for collecting the entire capital of the cash consideration of sixty five million dollars to be used for purchasing the securities and amortization of outstanding debt. The operation is required to close on 10th November 2009.


Speckrit LLC, which is a limited liability firm of the Russian Federation, has a twenty-year exploitation and exploration of the license granted in the year 2005 for the South-field Chernushinskoye in the Perm region. Speckrit has all the existing oil production and processing facilities in the country and has rights to export oil to refineries in foreign destinations. Most Alba Petroleos Speckrit LLC subsidiary, also incorporated in the Russian Federation, has a twenty five-year exploration and exploitation of the license granted in the year 2003 for the North-Sorokinskoye field in the Tyumen region.


Premier Energy Corp. presently owns the majority stake in CJSC Karbon, a closed stock organization that is incorporated in joining the Russian Federation. Karbon has exploration and production license for the North-Kopanskoye field in Orenburg region on the Volga and the Urals. The strategy of this company has also helped it to expand its presence and increase oil, gas and condensate production in Russia.


The transaction is subject to (i) drafting and negotiation of a final definitive agreement, (ii) conducting due diligence, (iii) approved by the Board of Premier and Rossgaz, (iv) shareholder approval of Rossgaz and (v ) increased sixty five million dollars in capital by Premier Energy Corp. Following the acquisition, the Premier Energy Corporation would have to guarantee an additional forty five million dollars for the evaluation as well as the development of oil fields acquired. There is no assurance that financing will be available earlier in all or, if appropriate, that the terms are acceptable. As such, there is no guarantee that the prime minister will be able to successfully close the transaction over or, if closed, to be able to make good use of their operations.

About: Premier Energy Corp. is also earning a lot of popularity these days as they are also into the auxerre trading. If you are the one who is looking for an option to learn more about this company, researching on the web is the best option for you. Once you search on the net you will be able to find the official website of this company from where you will get more information on them.