Valeura Energy Buys Stake in Natural Gas Exploration Licence in Turkey

December 16, 2010
Written by Admin TOA
Published in Turkey

Calgary, Canada- Valeura Energy Inc. (TSXV:VLE) says it has bought an interest in the Edirne exploration licence in Turkey's main natural gas producing region for $3.1 million, expanding its presence in the country. The Calgary-based company says it will own a 35 per cent interest in the licence, which covers land in the Thrace Basin, the main natural gas producing region of Turkey. It bought the stake from Edirne Enerji Petrol Arama Uretim Ve Ticaret Limited Sirketi, a wholly-owned affiliate of Australia's Otto Energy Ltd. The deal is expected to close around Dec. 22.

Edirne's revenues from gas sales were about US$1.5 million in the third quarter, and natural gas production from the licence added up to 6.3 million cubic feet per day.

The average price for gas from Edirne was US$ 7.40 per million cubic feet in the third quarter, which Valeura says reflects premium prices for natural gas production in Turkey.

Valeura, based in Calgary, has oil and natural gas projects in Western Canada and Turkey and is looking to expand to parts of the Middle East, North Africa, the Mediterranean and Latin America.

Valeura shares were down 0.5 cents to 38.5 cents in morning trading on the TSX Venture Exchange.
(Source: www.winnipegfreepress.com)

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