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President Energy announced the completion of the farmin agreements to both the Pirity and Demattei concessions in Paraguay.
The farmin agreements provide for the company to earn up to a 59% interest in the Pirity block from Pirity Hidrocarburos and up to a 60% interest in the Demattei block from Crescent Global Oil Paraguay S.A.
Following the completion of the farmin agreements, Pirity Hidrocarburos will complete its subscription for 18.75 million new ordinary shares of the company for a total of $6 million.