Columbus Energy announced on 13 July 2018 that it has signed a Purchase and Sale Agreement (SPA) for USD 5.8 million to acquire Steeldrum Oil Company assets located in the Trinidad Basin close to the Columbusâ current assets.    Innis-Trinity Field: 100%, production      120-150 bo/d, 4 MMbl reserves  South Eris Field: 100%, production      80-100 bo/d, 1.6 MMbbl  Cory Moruga Development Project:      83.8%, expected recoverable reserves 1.1 MMbbl           Basin Names         Contract Name         Block Name         Operator Name /   Interest Pct.         Field Name         Award Date         Disc Date             Soldado Sub-basin (Trinidad Basin)         Cory (Rock Dome)         Cory E/2 , & Cory E/1         Touchstone Exploration Inc (16.2%), Steeldrum Oil Company Inc   (83.8%)*         Carapal Ridge         01-Jul-1970         2001             Cory E/2 , & Cory E/1         Moruga West-Rock Dome         15-Jul-1957             Cory E/2 , & Cory E/1         Snowcap 1         15-Dec-2010             Cory F         Â          Â              Southern Range Uplift (Trinidad Basin)         Cory D         Â          Â              Â          Â          Â          Â          Â          Â          Â              Columbus Sub-basin (Trinidad Basin)         Inniss-Trinity         Inniss-Trinity         Steeldrum Oil Company Inc (100%)*         Moruga North-Inniss-Antilles-Trinity         01-Dec-2009         15-Sep-1956             Â          Â          Â          Â          Â          Â          Â              Trinidad Basin~Southern Range Uplift (Trinidad Basin)         South Erin         South Erin         Steeldrum Oil Company Inc (100%)*         South Erin         01-Jun-1998         15-Apr-1988             Â          Â          Â          Â          Â          Â          Â              * Operator                                                          Â   According to the press release, Columbus has been granted with the acquisition a first priority use of two rigs at market rates, which the company will use for the planned exploration activity in the South West Peninsula. The SPA is subject to certain regulatory, joint venture partner, and third-party approvals. Closing is expected in 4Q 2018.  On 20 November 2015 Rex International Holding Ltd (38.6%) signed an agreement with West Indian Energy Holding AS (60.14%) and GELCO Energy Inc. (3%) to merge their assets in Trinidad and Tobago and create a new company â Steeldrum Oil Company Inc. In addition to the assets that the companies will bring in to the merger, Rex and West Indian will make a cash contribution of USD 1 million each, less net cash which is estimated to amount to USD 0.3 million and USD 1.03 respectively.Â      Innis-Trinity Block : Rex International Holding (RIH), a subsidiary of Rex Caribbean Oil Co., signed an agreement with Petrorin to farm-in the block â 100%.     South Erin Block: Â On 23 April 2014, Rex International Holdingsâ announced that through its 64.17 % ownership in license holding company Caribbean Rex Limited, it acquired the remaining 25% interest in the Jasmin Oil and Gas Limited which holds a 100% interest in the block     Cory Moruga Block: As of 23 February 2015, Rex International Holding Ltd announced that an indirect subsidiary has increased the companyâs interest in the block from 20% to 83.8% via the acquisition of all the outstanding shares of Parex Resources (Trinidad) Limited for an aggregate consideration of USD1.5 million.
Columbus Energy announced that it has signed a SPA for US$5,8 MMmillion to acquire Steeldrum Oil Company assets located in the Trinidad Basin close to the Columbusâ current assets. 