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Tilting Capital Corp. confirmed the execution of definitive agreements for the purchase of certain Colombian oil and gas assets and the execution of a letter of intent to farm in on certain Brazilian oil and gas assets from Canacol Energy.
Tilting Capital will acquire the vendor's 60% interest in the production sharing contract in the operated Entrerrios producing block in Colombia. The block currently has production of approximately 120 net barrels of oil per day.
Tilting Capital would also acquire the vendor's 15% interest in the Morichito exploration block in Colombia.
The vendor and Tilting Capital will enter into a letter of intent pursuant to which Tilting Capital may farm into Block 170, Brazil, in the future and also enter into an area of mutual interest for Brazil with the vendor. Tilting Capital will have no obligations or commitments on the Brazil block at closing of the proposed transaction.