ZURICH, Switzerland, Sept. 3 /CNW/ - The Swiss energy and gas company
AVELAR Energy Group announced today that its stake in Falcon Oil & Gas Ltd.
has reached 16.11%. Igor Akhmerov, CEO of AVELAR, commented: "We have
fundamental belief that the management team of Falcon, together with Exxon and
MOL, will bring the company to successful exploration results. Our investment
in Falcon is strategic and long-term."
AVELAR entered into an agreement today to acquire 44,904,977 common
shares of Falcon Oil & Gas, representing 7.94% of the outstanding shares, in a
private transaction. Including these shares, AVELAR owns and exercises control
over 91,072,277 common shares of Falcon Oil & Gas, representing 16.11% of the
outstanding shares. AVELAR may from time to time acquire additional securities
of Falcon Oil & Gas or dispose of Falcon Oil & Gas securities, in the open
market, by private agreement or otherwise.
AVELAR is a pan-European company aiming at becoming both Europe's main
provider of alternative and innovative energy sources and a major gas and
energy trader to satisfy the increasing needs of European power and gas
sectors. Falcon Oil & Gas Ltd. is traded on the Canada-based TSX Venture
Exchange under the symbol FO.
About AVELAR Energy Group:
AVELAR Energy Group with headquarters in Zurich (Switzerland), a branch
in Milan (Italy) and representative offices in Cairo (Egypt) and Moscow
(Russia) was incorporated in December 2006. Its principal shareholder is the
Russian-based RENOVA Group, a diversified asset management company with major
investments in oil and gas giant TNK-BP among others.
For further information:
For further information: For further questions or to obtain a copy of
the report filed by AVELAR: AVELAR Energy Group: Markus Blume, Claridenstrasse
22, CH-8001 Zurich (Switzerland), Phone: +41 (44) 2000300, Internet:
www.avelarenergy.com, Email: firstname.lastname@example.org; Prof. Marino Massimo de
Caro, Via Cappuccini 4, 20122 Milan (Italy), Phone: +39 02 3216571, Email: