Under the terms of the Purchase and Sale Agreement with Linc, GeoPetro will receive US$4.0 million from the proceeds of the first seventy-five percent (75%) of 8/8ths of the oil and gas production produced from or attributable to the Alaska Leases. After GeoPetro has received the US$4.0 million payment, GeoPetro will thereafter receive an overriding royalty interest of ten percent (10%) of 8/8ths of the proceeds of oil and gas production produced from or attributable to the Alaska Leases.GeoPetro will provide additional updates as it gains further information on LEA #1 well.
GeoPetro Resources Company Provides Update On The Cook Inlet LEA #1 Well
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