Middle East Economic Survey

VOL. LIII

No 7

15-Feb-2010

YEMEN

Epsilon Sells Yemen Subsidiary

Canadas Epsilon Energy announced on 5 February the sale of its wholly-owned subsidiary, Epsilon Energy Yemen, to an unrelated third party purchaser for $100,000. The agreement calls for Epsilon to receive 20% of proceeds on any subsequent sale of all or any part of Block 41, in which it has a 57.14% working interest. In the event of commerciality, it will instead receive 25% of cost recovery pool monies...