Renova/Avelar Boosts Falcon Stake

ZURICH, Switzerland, Sept. 3 /CNW/ - The Swiss energy and gas company AVELAR Energy Group announced today that its stake in Falcon Oil & Gas Ltd. has reached 16.11%. Igor Akhmerov, CEO of AVELAR, commented: "We have fundamental belief that the management team of Falcon, together with Exxon and MOL, will bring the company to successful exploration results. Our investment in Falcon is strategic and long-term."

AVELAR entered into an agreement today to acquire 44,904,977 common shares of Falcon Oil & Gas, representing 7.94% of the outstanding shares, in a private transaction. Including these shares, AVELAR owns and exercises control over 91,072,277 common shares of Falcon Oil & Gas, representing 16.11% of the outstanding shares. AVELAR may from time to time acquire additional securities of Falcon Oil & Gas or dispose of Falcon Oil & Gas securities, in the open market, by private agreement or otherwise.

AVELAR is a pan-European company aiming at becoming both Europe's main provider of alternative and innovative energy sources and a major gas and energy trader to satisfy the increasing needs of European power and gas sectors. Falcon Oil & Gas Ltd. is traded on the Canada-based TSX Venture Exchange under the symbol FO.

Download PDF