Baron Oil said the cost of exiting the Nancy Burdine Maxine field in Colombia will be $1 as it completes the formal handover of the field to the state-owned oil company.
Baron holds a 50% stake in Inversiones Petroleras de Columbia, which was operating the field, but handed over formal operator-ship last Friday to its partner, the state-owned Ecopetrol.
Baron’s local management in Bogota will now work to complete all the formal field handover documentation over the next several months.
Baron will work to complete all the formal field handover documentation. Approximately $1 relates to accrued royalty payments and capital costs owed to Ecopetrol.