Mr. Chet Idziszek reports
OROMIN REPURCHASES 17.52% INTEREST IN THE SANTA ROSA EXPLORATION CONCESSION
Oromin Explorations Ltd. has repurchased from Surge Global Energy Inc. the 17.52-per-cent interest in the Santa Rosa property that it sold to Surge in 2004. The purchase price for this interest is equal to that originally paid by Surge -- $600,000 (U.S.) and one million shares of Surge. This purchase results in Oromin once again owning, through its wholly owned subsidiary Irie Isle Ltd., a 100-per-cent interest in Santa Rosa, subject to the right of Otto Energy Ltd. to acquire up to a 41.24-per-cent interest by spending $2,297,381 (U.S.) on exploration and development of the Santa Rosa property.
GLTA...Doublem2
