Cardinal Resources to Sign Agreement to Sell Ukrainian Assets November 11

Robert Bensh, CEO of Cardinal Resources (CDL LN: N/R) said yesterday that his company would sign a sale agreement with the Kuwait Energy Company (KEC) on November 11 for the sale of its Ukrainian assets. KEC will pay USD 71 mln for Cardinal’s daughter companies: Carpatsky Petroleum, Raget Commercial Limited and Mitre Resources. Bensh added that the government’s decree No. 31, which capped the price oil & gas companies could charge for oil & gas extracted in Ukraine, was the main reason for the company’s move.