On November 21, 2007, Falcon Oil and Gas submitted its Technical Operating Plan to the Hungarian Mining Bureau. The program will focus on the center of Falcon's basin centered gas play with the completion of the existing Mako-4, Mako-6 and Mako-7 wells. Falcon expects the testing program to commence in the second quarter of 2008 and to continue into early 2009.
Today, Falcon announced a public offering underwritten by a group led by Orion Securities Inc. and including Evergreen Capital Partners Inc., agreeing to purchase 100 million Common Shares at a price of CDN$0.40 per share for aggregate gross proceeds of CDN$40 million. Falcon intends to apply the proceeds from the financing to fund the Testing Program and to provide working capital. Closing of the offering is expected to occur on or about December 11, 2007, and is subject to certain conditions.
Falcon announced previously an initiative to identify potential strategic partners who can add value in respect of the development of its oil and gas properties in Hungary and/or in developing infrastructure and markets for the gas produced from those properties. Watch this story here.
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