June 20, 2011Eurasia Energy LTD • June 23rd, 2011 • Crude petroleum & natural gas
On February 10, 2010, Eurasia, Commonwealth Oil & Gas Company Limited (“Commonwealth”), Arawak Energy Limited (“Arawak”) and Nicholas W. Baxter (“Baxter”) signed a participation agreement (the “Participation Agreement”) which brought final resolution to the long-running litigation proceedings among Eurasia, Baxter, Arawak and Commonwealth which had impeded Eurasia in its efforts to procure the upstream project in the Azerbaijan Republic which it had first identified in 2005. As prescribed under the Participation Agreement, Eurasia was reimbursed by Commonwealth for 51% of Eurasia’s agreed third party costs incurred in connection with its efforts to obtain that project.
