Sintana Energy Reaches Arbitration Resolution with ExxonMobil

Sintana Energy Inc. announced a resolution to a previous arbitration with ExxonMobil Exploration over the VMM-37 block in Colombia's Middle Magdalena Valley Basin. Sintana's subsidiaries, Patriot Energy Oil and Gas Inc. and Patriot Energy Sucursal Colombia, reached an agreement with ExxonMobil, leading to the dismissal of the current arbitration.

As part of the resolution, Patriot will conditionally assign its rights and interests in VMM-37 to ExxonMobil. In return, ExxonMobil agreed to make two cash payments to Patriot. The first payment of $3 million is due within 60 days, while a second $6 million payment is contingent upon Colombian governmental approvals.

Robert Bose, CEO of Sintana Energy, stated that this resolution supports the company's strategic focus on its high-impact portfolio along the Atlantic margin.