Last $0.13 USD
Change Today -0.0098 / -6.80%
Volume 38.0K
As of 8:10 PM 09/19/14 All times are local (Market data is delayed by at least 15 minutes).

sintana energy inc (DRFLF) Snapshot

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sintana energy inc (DRFLF) Details

Sintana Energy Inc., a Canadian oil and natural gas company, engages in petroleum and natural gas exploration and development activities in Colombia. The company’s private participation interests in Colombia include 30% in 34,194 acres in the Talora Block and 30% in 272,021 acres in the COR-39 and COR-11 Blocks in the Upper Magdalena Basin. Its private participation interests in the Middle Magdalena Basin are 25% (carried) in the 154,909 acre VMM-4 and 59,522 acre VMM-15 Blocks and 100% of the conventional and 30% of the unconventional interests in the 43,158 acre VMM-37. The company also has a carried 25% private participation interest in the 111,624 acre LLA-18 Block in the Llanos Basin. The company was founded in 2006 and is headquartered in Plano, Texas.

sintana energy inc (DRFLF) Top Compensated Officers

Chief Executive Officer and Director
Total Annual Compensation: C$309.0K
President and Chief Operating Officer
Total Annual Compensation: C$224.9K
Executive Chairman
Total Annual Compensation: C$231.8K
Chief Financial Officer
Total Annual Compensation: --
Vice President, Controller, Treasurer and Sec...
Total Annual Compensation: C$109.2K
Compensation as of Fiscal Year 2013.

sintana energy inc (DRFLF) Key Developments

Sintana Energy Announces Colombia Operations Update

Sintana Energy Inc. announced project updates relating to various oil & gas participation interests held in Colombia's Magdalena Basin. VMM-37 Block: Farmout of 70% participation interest in unconventional formations to ExxonMobil: In November 2012, Sintana and ExxonMobil Exploration Colombia Limited (ExxonMobil) entered into a farmout agreement whereby ExxonMobil agreed to pay 100% of the costs to drill three (3) exploration wells on, and become the operator for, the VMM-37 Block. If ExxonMobil elects to proceed to the development phase, it will pay 100% of the next $45 million of expenditures ($10 million recoupable from 50% of Sintana's future production proceeds). For these farmout commitments, Sintana has assigned 70% of its participation interest in the unconventional formations to ExxonMobil and has retained the remaining 30% participation interest in the unconventional resource and 100% interest in the conventional resource on the VMM-37 Block. Drilling Program: Field work in preparation for building an access road and drilling location for the initial exploration well, the Manati Blanco-1, has commenced. Construction equipment is expected to be on-site by the end of September. VMM-4 Work Program: (Sintana - 15% carried participation interest) In July the Company entered into an amendment to an Asset Purchase Agreement (the "Agreement") with Live Oak Holdings Inc. and its wholly owned Colombia subsidiary, LOH Energy Sucursal Colombia, (together "LOH") to accelerate execution of the VMM-4 License Contract Work Program. Under the amended agreement, Sintana's 15% participation interest is carried for 100% of Phase II Exploration costs and expenses related to execution of the seismic program and the drilling of 2 (two) wells. The Phase I Exploration Program, completed in December 2013, included the acquisition of 206 km2 of 3D seismic data. The data, which was subsequently processed and interpreted, confirmed both the conventional and unconventional resource opportunity on this Block. An NI 51-101 resource report prepared for LOH by Petrotech Engineering Ltd. dated April 30, 2013, assigned a P50 best estimate of the unconventional unrisked prospective recoverable resource of 75 MMbbl net to Sintana. The Operator has advised the Company that the Phase II Exploration program is scheduled to commence in early 2015. Talora Block Work Program: (Sintana - 30% private participation interest): In early 2014, the Company's Talora Block joint venture partner, Petrodorado Energy Ltd. ("Petrodorado"), announced the successful drilling of the Verdal-2X well and the running of casing to 6,204 feet Measured Depth ("MD"). Petrodorado, as the Operator of record, subsequently entered into the second Post Exploration Phase with the National Hydrocarbon Agency of Colombia ("ANH") on the Talora Block, under which the joint venture partners committed to the drilling of one additional exploration well by July 2015. Currently, the partners are finalizing the Verdal Area Production License ("APL") and are preparing a data room for farm-out of the Verdal development area and the Dorados-1X twin well which will re-test the "Dorados Sands" discovery. COR-39 Block Work Program: (Sintana - 30% participation interest): Sintana previously reported the completion of a 100 km 2D seismic data acquisition program on the Canacol operated COR-39 Block. Processing and interpretation have been completed and drilling locations are currently being evaluated. A two well drilling program is expected to commence in the second half of 2015. COR-11 Block Work Program: (Sintana - 30% participation interest): Canacol, also operator for the COR-11 Block joint venture, plans to conduct a 155 km 2D seismic data acquisition program once local community approvals have been obtained. Field operations are expected to commence within the next six (6) months. Post data acquisition activities will include extensive processing and interpretation with a drilling program planned for 2016.

Sintana Announces Settlement Agreement with Petrodorado Energy

Sintana Energy Inc. has entered into a settlement agreement with Petrodorado Energy Ltd. In accordance with the Agreement, the parties have terminated the arbitration process with all present and future claims related to the arbitration having been settled in full. As part of the settlement, Petrodorado will reimburse Sintana for work performed by its technical staff that is mutually beneficial for the ongoing development of the Talora discovery on the Verdal structure. The Talora Block, located in the upper Magdalena Valley of Colombia, is comprised of 34,194 gross acres. The Talora License contract has competitive terms: no X-factor, no government back-in, a favorable royalty rate and a 24 year exploitation term. The Block is surrounded by several oil fields, the four closest having estimated total recoverable oil in excess of 150 Million barrels ("MMBO"). The nearby Guando Field, the larger oil field in the region is estimated to have over 120 MMBO barrels of recoverable oil and more than 1 Billion barrels in place.

Sintana Energy Inc, Annual General Meeting, Jun 23, 2014

Sintana Energy Inc, Annual General Meeting, Jun 23, 2014., at 13:00 Central Daylight. Location: 6860 North Dallas Parkway, Suite 200. Agenda: To receive and consider the financial statements of the company for the fiscal year ended December 31, 2013, together with the report of the auditors thereon; to elect directors; to appoint auditors and to authorize the directors to fix their remuneration; to consider, and, if deemed appropriate, to pass with or without variation an ordinary resolution confirming the existing stock option plan of the company; and to transact such further or other business as may properly come before the Meeting or any adjournment or adjournments thereof.


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