Escalera International Co. LLC, a subsidiary of Escalera Resources Co. has signed a Memorandum of Understanding ("MOU") to enter into an Energy Joint Venture headquartered in Tirana, Albania.
The purpose of the proposed joint venture ("JV") between Escalera International Co. LLC ("ESCRI") and AOR Albanian Oil Refinery ShA ("AOR") is to identify and acquire upstream oil and gas drilling opportunities along with related facilities and infrastructure in Albania.
The JV will be owned equally by both parties and is subject to approval by both parties as well as the outcome of normal due diligence procedures conducted by both parties.Northern Albania, which is part of the Balkans regions, is believed to have 2.7 trillion cubic feet of natural gas reserves and 198 million barrels of oil according to a survey conducted by Gustavson Associates in 2008.