Oil Co Enters Paraguay Farm-in

UK-based President Petroleum has agreed to a farm-in agreement for two blocks in the Chaco region of Paraguay, at an expected total investment of $90m-$100m. The agreement allows for President to earn up to a 59% interest in the Pirity Block from Pirity Hidrocarburos, a subsidiary of PetroVictory, and up to a 60% interest in the Demattei Block from Crescent Global Oil Paraguay. President’s initial payment is funded through a $37m-equivalent private share offering managed by RBC and Jefferies, plus additional equity and a $15m revolving credit facility.