To buy company holding 100% interest in 5 exploration licenses covering 237,000 acres in Asturias region of Spain.
Saxon Oil Company Ltd., Dallas, (Toronto Venture: SXN) plans to acquire Picogina Holdings BV with assets in Spain from Energy (CG) Ltd. for approximately C$6 million in stock. Saxon will issue a maximum of 30 million units at C$0.20 each with an exercise price of C$0.35. The assets of Picogina consist of 100% ownership of privately held Spanish company Hidrocarburos del Cantabrico SL, which holds a 100% interest in five exploration licenses covering approximately 237,000 acres in the Asturias region of Spain. HDC's plan for the coalbed-methane project is to seal the existing coal mines and begin the extraction of methane to be used for the generation of electricity.