SOURCE: General Exploration Partners, Inc.

General Exploration Partners, Inc.

December 03, 2012 09:49 ET

General Exploration Partners Sells 53.2% Interest in Atrush Block

DENVER, CO--(Marketwire - Dec 3, 2012) - General Exploration Partners Inc. ("GEP" or the "Company") has signed a purchase and sale agreement to sell 53.2% of its participating interest in the Atrush Block to Abu Dhabi National Energy Company PJSC ("TAQA"). In conjunction with the sale, Aspect Energy International, LLC will divest itself of any interest in GEP, leaving ShaMaran Ventures B.V. as the sole interest holder of GEP's remaining participating interest. The agreement is subject to final approval by the Kurdistan Regional Government and obtaining necessary partner consents. 

Following the closing of the transaction and subject to the Kurdistan Regional Government's 25% carried option, the Atrush Block will be held 53.2% by TAQA, 26.8% by GEP, and 20% by Marathon Oil KDV B.V., a wholly owned subsidiary of Marathon Oil Corporation (NYSE: MRO). 

Alex Cranberg, Chairman of Aspect Holdings, LLC, commented, "With GEP's recent notification of Commercial Discovery, TAQA brings strengths and synergies which will assist with development and production. Most importantly however, the people of Kurdistan and all of Iraq continue to benefit from investment in and production of the natural resources in the region."

This press release contains statements about expected or anticipated future events and financial results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as legal and political risk, civil unrest, general economic, market and business conditions, the regulatory process and actions, technical issues, new legislation, competitive and general economic factors and conditions, the uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events and management's capacity to execute and implement its future plans. Actual results may differ materially from those projected by management. Further, any forward-looking information is made only as of a certain date and neither the Company nor its partner's undertakes any obligation to update any forward-looking information or statements to reflect events or circumstances after the date on which such statement is made or reflect the occurrence of unanticipated events, except as may be required by applicable securities laws. New factors emerge from time to time, and it is not possible for management of the Company to predict all of these factors and to assess in advance the impact of each such factor on the Company's nor its partner's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information.