San Leon and its Polish subsidiary Liesa Energy have signed a binding agreement with Mazovia Energy Resources Sp. z o.o. to acquire a 100% interest in three additional concessions (the "Concessions") in southern Poland on very favorable terms.
The Concessions, adjacent to the Company's existing Nowa Sol and Wschowa Concessions, will expand San Leon's position in western Poland from 2,245 sqkm to 3,560 sqkm (879,695 acres).
San Leon's technical team continues to pioneer new exploration plays in Poland.
San Leon is pleased to announce that its wholly owned Polish subsidiary Liesa Energy Sp. z o.o. has entered into a binding agreement to acquire three additional concessions for oil and gas reconnaissance and exploration, including the associated mining usufruct agreements, for a total of USD$1.0 million in cash and shares. On completion, San Leon will have a 100% interest in the Concessions. The company expects to make a further announcement in due course as the transaction is subject to final regulatory approval.
The 30/2008/p Gora, 20/2009/p Winsko, and 39/2009/p Rawicz Concessions totaling 1,314 sqkm, are located in the southern area of the Fore Sudetic Monocline of the Permian Basin, onshore western Poland.
These Concessions include portions of license blocks 245, 265, 266, 267, and 268.
The Concessions are valid for up to 5 years.
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