Araca Energy ASA will come back with more details regarding the transaction with the Russian oil company OOO Geopromneft.

About OOO Geopromneft:

OOO Geopromneft is an independent oil company located in the Russian city of Saratov, on the edge of the river Volga. The company has 11.9 million tons of C1 / C2 reserves from the Klintsovsky field, the largest field in the Saratov region. Will start soon production of 1.700 barrels of oil equivalent from three wells.

About Araca Energy ASA:

Araca Energy ASA is an oil and gas company with head offices in Oslo, Norway. Araca is through the fully owned subsidiary OOO Geotechnologia specialised in petrochemical activities in Russia and bordering countries. Araca holds exploration and production licenses in the Timan-Pechora region in Northwest Russia. Araca subsidiaries holds and operate three licenses for exploration and production. The first gas field in Ukhta commenced production in 2010.