Pluris Energy Group, an independent oil and gas company, has signed a letter of intent with Clear, whereby Pluris retains the exclusive right to purchase and develop up to 100% of Clear's 186 square kilometer Cerro Negro concession in the Chubut province, Golfo San Jorge basin, Argentina.

Cerro Negro produces approximately 250 barrels of oil per day and consists of multiple pay potential oil development opportunities ranging from 3,000 feet to 5,000 feet in depth, according to the company release.

Based upon an initial review, Pluris believes that estimated producing reserves on Cerro Negro are approximately 6.2 million barrels of oil equivalent (boe) and proved, probable and possible oil reserves are estimated to be approximately 25.8 million boe.

The purchase of Cerro Negro will include extensive two and three dimensional seismic data sets, gathering, oil treatment and storage facilities on the concession, as well as oil transport and existing sales contracts.

Sacha Spindler, chairman and CEO, said: We are delighted about positioning Pluris with another high-quality opportunity in Argentina. This highly attractive concession positions Pluris with the unique opportunity to step into a ready-to-drill, development play that possesses significant drilling and production potential for years to come.