Under the terms and conditions of the agreement, Regent has granted EuroGas the option to purchase Regent’s entire interest in McCallan Oil & Gas UK in exchange for the issuance of 10 million common shares of EuroGas and a cash payment of C$3 million payable in three stages.
The initial cash payment is to be made five months after Regent has received regulatory approval; two additional payments of C$1 million are to be made on or before March 31, 2009 and September 30, 2009, respectively.
