Vanoil Mutually Agrees To Terminate Strategic Partnership
Vanoil Energy Ltd. ("Vanoil" or the "Company") wishes to announce the mutually agreed termination of its strategic partnership agreement with Global Mining Management Ltd. (GMM) originally announced on June 18, 2012.
James Passin, President and CEO of Vanoil stated, "We have enormous respect for the GMM team, their commitment and accomplishments. However, Vanoil has an exclusive focus on East Africa and an aggressive, goal orientated timetable particularly over the next nine months. GMM's and Vanoil's management determined that in the short term the major changes envisioned in the strategic partnership agreement would be potentially disruptive and geographically challenging for Vanoil".
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