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California Oil & Gas to Acquire Assets From Beacon Resources

Posted on: Friday, 25 January 2008, 03:00 CST

California Oil & Gas has signed a letter of intent with Consolidated Beacon Resources to acquire the majority of their assets in the San Joaquin basin in southern California, US, for a combination of cash, COGC common shares and warrants.

The acquisition will increase California Oil & Gas Corporation's (COGC) interest in the Bakersfield area of the San Joaquin Basin. The acquisition includes interests in oil and gas leases within the 35.2 square mile seismic survey which has recently completed with partners in the East Slopes Project.

Total consideration to Beacon will be C$1.25 million in a combination of cash, common shares, and warrants of COGC. The effective date of the proposed transaction is February 1, 2008, with closing anticipated March 10, 2008, or such other date as agreed by the parties.

Source: Datamonitor

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