The company will retain a 70% working interest and remain as operator of the block which is located in the Catatumbo basin of Colombia.
The investment fund will earn the 30% participation interest for a carry of 60% of the first exploratory well and 45% of the second exploratory well to be drilled.
The location for the first exploratory well at Santa Cruz is currently under construction and drilling is expected to begin in mid-November 2011.
