On 8 June 2011, We acquired one of Commodity Quest’s wholly-owned subsidiary of Crown Energy Venture Corporation (“Crown Energy”) and as a result thereof published information on Crown Energy .
About Crown Energy
The Company shall, through the acquisition and exploration develop oil and gas projects in over -exploited areas, mainly Africa. Growth in value created by developing assets in the early stages until they are ready to be transferred to a larger player in the oil and gas industry.
Crown Energy is focused on exploring opportunities with great potential for recoverable reserves. The company seeks a good spread of risk , geographical and geological , and strives farmout opportunities that exit strategy to capitalize as much as possible on their assets.
Crown Energy began operations in 2010 with the construction of their portfolio. The business is currently focused on the western and southern Africa.
The acquisition of Crown Energy will not result in any cash-flow impact of Commodity Quest other than in connection with the planned distribution.