SOURCE: CHAMA Technologaes Inc.
LAS VEGAS, NV--(Marketwire - Oct 31, 2012) - Chama Technologaes Inc. (CHAMA) announced today that it has executed an agreement with Condor Acquisitions Inc. and its partners to acquire drilling and development rights to several offshore properties, which, together constitute an estimated 110 million recoverable barrels of oil and an estimated 5 trillion cubic feet of natural gas. Chama estimates that the long-term gross production revenues could be in excess of USD 12 Billion.
The terms and conditions of the deal were not announced, however, a Condor spokesperson said Condor and partners expected to remain in the deal for an extended period of time.
In recent months, Chama has also announced the acquisition of RWM Resources and has entered into a letter of intent to acquire High Plains Gas (OTCQB: HPGS). These acquisitions will add an approximate 2,000 additional gas wells to Chama's gas well assets.
Chama has also announced that it has entered into a Special Private Placement Agreement (SPPA) for USD $50,000,000 of equity line funding with Lambert Private Equity LLC (LAMBERT). The terms give CHAMA the right to increase the amount of the equity line funding up to $200,000,000, at CHAMA's discretion.
Chama is a Natural Gas and Oil exploration and development company which also holds disruptive natural gas recovery technology. www.chamatech.com and www.chamaenergy.com
Condor is a private acquisition solutions company which acts as principal to help sellers achieve their divestiture objectives. Condor deals typically include corporate sellers shedding non-core assets, public sellers seeking to maximize shareholder value, or private sellers seeking capital and operational support. www.condoracquisitions.com
The information in this press release contains "forward-looking statements" and are inherently susceptible to uncertainty and changes in circumstances. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often include words such as "anticipates," "estimates," "expects," "intends," "objective," "believes" and words and terms of similar substance in connection with discussions of future operating or financial performance. The Company's forward-looking statements are based on management's current expectations and assumptions regarding the Company's business and performance, the economy and other future conditions and forecasts of future events, circumstances and results. The Company's actual results may vary materially from those expressed or implied in its forward-looking statements.