They look to be getting everything in place, lets see some deals soon boys!!
27 January 2010 Company Announcements Office ASX Limited 20 Bridge Street Sydney NSW 2000 ARTURUS & EXTEX TO FINALISE U.S. STRATEGIC ALLIANCE Arturus Capital Limited (Arturus Capital) advises that its U.S. subsidiary, Arturus Energy, LLC (Arturus Energy), has today agreed to finalise a strategic alliance with Extex Operating Company (Extex) - a highly experienced participant in the U.S. oil and gas industry - and Mr Wallis Marsh. Mr Marsh is the founder and CEO of the Extex Companies, an independent energy group engaged in the acquisition, production, exploration, development and operation of oil and gas interests in southern U.S.A. Previously, Mr Marsh worked as a production engineer, crude oil analyst, facilities engineer and field production engineer for a number of U.S. oil and gas companies. Mr Marsh graduated from the University of Oklahoma in 1990 with a degree in petroleum engineering. Arturus Energy, Extex and Mr Marsh have entered into a non-binding letter agreement under which they have agreed to prepare and finalise consulting and management services agreements for the provision of consulting, management and operation services by Extex and Mr Marsh, including: h assisting Arturus Energy to identify, screen and evaluate U.S. oil and gas investment opportunities; h providing land, geological, geophysical and engineering advice in connection with acquisitions and divestments by Arturus Energy of U.S. oil and gas working interests; h providing technical and operational advice regarding the operation and management of Arturus Energys investments in the U.S. oil and gas sector; and h acting as operator, or procuring an Extex Operating Co. to act as operator, of oil and gas interests acquired by Arturus Energy. Mr Marshs appointment will commence on the finalisation and execution of the abovementioned consulting and management services agreements and will run for an initial one year term from the date of execution of the agreements, unless terminated earlier in accordance with the terms of those agreements. In addition to agreed fees for consulting and operating services, the letter agreement also provides for Mr Marsh to be offered royalty interests in, and the opportunity to invest in, Arturuss U.S. oil and gas interests. The quantum of the royalty interests and co-investment rights will depend on whether Mr Marsh or Arturus introduced the U.S. oil and gas interest or project. Potential consideration to Marsh and Extec include: h a monthly $10,000 fee for the during of the consulting services agreement; h 110% of Extecs costs of providing the services as operator; h potential equity rights in Arturus Capital (to be mutually agreed); h 0.75% overriding royalty interest; and h a co-investment right in any oil and gas acquisition to be agreed between the parties but, in the case of an acquisition introduced by Arturus, only to a maximum of 25%. Todays announcement follows the recent appointment of Michael Bertuccio as full-time President of Arturus Energy. Arturus Capital believes these developments will ideally position Arturus to take advantage of investment opportunities in the U.S. oil and gas sector.
AKW Price at posting:
18.5¢ Sentiment: Buy Disclosure: Held