09:59 AM EST - CanCambria Energy Corp. : Announced that it has successfully remitted the concession fee for the Kiskunhalas Concession Area to the Hungarian Ministry of Energy. With this payment completed, CanCambria has fulfilled all its financial obligations to secure the 945.9 km2 KCA. The Company's flagship Kiskunhalas Trough asset that extends southwest into a portion of the KCA. At a price equivalent of less than USD$10 per net acre, this concession agreement represents an extremely attractive low-cost entry, consistent with the Companies business model. CanCambria will now incorporate a wholly-owned Hungarian subsidiary, under the name CanCambria Kiskunhalas Koncessziós Ltd., to manage, plan, and execute the exploration and appraisal work program in the KCA. Dr. Paul Clarke, CEO of CanCambria, noted: "Our team is excited to begin working this prospective area. We believe in the strong potential of the KCA, both in terms of the extension of our existing unconventional tight-gas play fairway and additional conventional oil prospectivity (including potential for horizontal-well exploration targets). The Company will update the markets as the project further develops." The Company is also pleased to announce the addition of Hugh Grenfal and Christopher Yokoyama as key advisors to support its long-term technical and financial goals. CanCambria Energy Corp.
shares V.CCEC are trading unchanged at $0.54.
Full Press Release: https://www.baystreet.ca/quotedata/quote.aspx?ticker=CCEC%3ACA&qmodStoryID=8534746886648763
