Bolivar to acquire Anatolia, explore Turkey licenses

Bolivar Energy Corp., Calgary, has offered to acquire Anatolia Energy Inc., a private Alberta concern, to create an international exploration and production company focused on Turkey.

Anatolia has the right under joint venture agreements with Calik Enerji Sanayive Ticaret AS, the subsidiary of Calık Holding AS, to earn working interests equal to either 50% or 25% in two development licenses and six exploration licenses covering a combined 336,509 net acres in the Southeastern Anatolia basin.

Anatolia is focused on the Paleozoic Bedinan sand trend, Cretaceous Mardin strike-slip trend, Garzan reef trend, and Silurian Dadas shale oil trend.

The transaction is subject to executing a definitive agreement and other conditions. Bolivar said the deal will expose it to Turkey’s attractive fiscal terms and to Anatolia’s Caliktepe-2 well, expected to spud in October 2011 as an updip stepout from a previous oil discovery.

To date, Anatolia has contributed $10 million that funded its recently completed 295 line-km 2D seismic program on the Antep license, begun 2D and 3D seismic programs on the Bismil license, planned 2D seismic on the Besni license, and funded the lead-up items for the drilling Caliktepe-2 at Bismil. It is also a party to the Sinan license.