TORONTO, Nov. 23, 2021 (GLOBE NEWSWIRE) -- Sintana Energy Inc. (TSXV: SEI) (the “Company” or “Sintana”) is pleased to announce that its indirect wholly-owned subsidiary, Patriot Energy Oil and Gas Inc. (“Patriot”) has entered into an amendment agreement (the “Amendment Agreement”) to the farmout agreement with ExxonMobil Exploration Colombia Limited (“ExxonMobil”) with respect to the 43,158 acres property known as the VMM-37 block located in the Middle Magdalena Valley (VMM) Basin, Columbia (“VMM-37”). Patriot and ExxonMobil previously entered into a farmout agreement (the “ExxonMobil Agreement”) for the exploration and development of unconventional crude oil and natural gas resources underlying VMM-37 pursuant to which Patriot retained a 30% carried participation interest in the unconventional resources. The Amendment Agreement provides Patriot the option to participate in post-contracts occurring after ExxonMobil’s VMM 37 Platero #1 Comprehensive Research Pilot Project (“CEPI”) is completed. In consideration of ExxonMobil’s work in connection with the CEPI, the Company has agreed to adjust its carried participation interest in the unconventional resources to 25%. Patriot and ExxonMobil have entered into the Amendment Agreement to reflect this adjustment and ratify the commercial arrangement between the parties.
Sintana Announces Amendment of VMM-37 Farmout Agreement
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