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  • Pryce Gases, Inc. 10% Participating Interest in Service Contract 55

    The Company's subsidiary, Pryce Gases, Inc. ("PGI"), submitted a formal firm offer to acquire from Otto Energy Philippines, Inc. ten percent (10%) participating interest in Service Contract 55 of the Philippine Government through the Department of Energy (for the exploration, development, and exploitation of petroleum resources in the offshore area of Southern Palawan) in consideration of PGI's payment of 10% the Well Costs and certain other specified costs. The offers is essentially subject to the condition that PGI is to receive 20% of the Filipino Participation Incentive Allowance under the service contract and will be entitled to 10% of the cost recovery pool. Click Here for Disclosure Details