FO: Falcon Oil & Gas Ltd. Announces Closing Of Initial Buckskin Mesa Transaction

"Denver, Co. – November 10th, 2008 – Falcon Oil & Gas Ltd. (TSXV: FO) today announced that it has closed the transaction entered into in August 2008 to acquire a 25% working interest in five wells located within PetroHunter Energy Corporation’s 20,000 acre Buckskin Mesa project in the Piceance Basin, Colorado. Under the terms of the agreement, Falcon is depositing US$7 million into an escrow account to be used exclusively for a testing and completion program on the five wells. After evaluating the results obtained from these tests, Falcon will determine whether to exercise its option to acquire a 50% working interest (37.5% net revenue interest) in the entire Buckskin Mesa Project including the five wells."

Read the full article