Baron Oil has sold 50% of its stakes in the Nancy – Burdine – Maxime field (NBM) to a private Colombian company in a $2million deal.
S&J Full Services have paid the Latin America-focused oil and gas company $1million for farming out the Putumayo Basin field in Colombia.
Baron Oil will also receive additional $1million return by mid-2014 in monthly instalments.
“This is an important step for our company in Colombia,” said Rudolph Berends, chief executive of Baron Oil.
“Having a local partner with the expertise and track record of S&J Full Services in the Putumayo Basin should add significant value through the optimizing of NBM operations.”
The money will be put into expanding and upgrading surface infrastructures, following encouraging results in the NBM field earlier this year, the company claims.