Black Rock Oil , the oil and gas exploration and production company, announced that it agreed the terms of an arrangement to develop the Las Quinchas Association Contract with Prospero Hydrocarbons Inc, a private Canadian based oil exploration and development company. Prospero Hyrdocarbons has agreed to invest up to US$4 million in Las Quinchas for a 49% interest.
Dr John Cubitt, MD of Black Rock, commented:
"We are delighted to have concluded this increased participation with Prospero and look forward to working with them on our Colombian assets."