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PetroFalcon : Vinccler, announces presidential transfer decree for PetroCumarebo joint venture
PETROLEUMWORLD
CARACAS
Petroleumworld.com 11 28 06Vinccler Oil and Gas, C.A., the wholly-owned subsidiary of PetroFalcon Corporation , announced today that its 40%-owned joint venture, PetroCumarebo , received the presidential transfer decree to operate in the East Falcon Block and West Falcon Block.
PetroCumarebo is a joint venture between Vinccler Venezuela and PDVSA, the Venezuelan state oil company. The presidential transfer decree was published in Venezuela's "Official Gazette" on Friday, November 24, 2006.
Juan Francisco Clerico, the Corporation's Chairman and CEO, said, "We are pleased to announce the completion of the final step in the transition of the former operating service agreements to our new joint venture with PDVSA, PetroCumarebo.
This final ceremonial approval allows PetroCumarebo to officially invoice PDVSA for second and third quarter oil and natural gas deliveries, as recognized in our third quarter 2006 filings."
PetroFalcon Corporation is a natural resource company currently engaged in oil and gas operations in Venezuela through its wholly-owned subsidiary, Vinccler Oil and Gas, C.A., which owns 40% of PetroCumarebo, S.A., a joint venture with Petroleos de Venezuela, S.A. The Common shares of PetroFalcon trade on the Toronto Stock Exchange under the symbol "PFC".
Petroleumworld 27 11 06
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