StockMarketWire.com - President Energy said it had agreed to acquire an exploration contract in the Rio Negro province of Argentina from Compania General De Combustibles.

The seller had separately agreed to invest $1.83m in a number of instalments by subscribing for new President Energy shares at the prevailing market price at the time each instalment was due.

President Energy had conditionally acquired the exploration contract covering the 384 square kilometre area known as Angostura, situated directly to the west of the company's Las Bases concession.




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