Crown Point Energy Inc. and Centaurus Energy Inc. announced that they have entered into a non-binding term sheet in which they propose to combine their businesses and create an operationally diversified, financially strong, Argentina-focused oil and gas, exploration and production company. The parties have agreed that the Combined Company would have a combined management team and Board of Directors, which would include: two co-CEOs, one of whom would be David Tawil, the current interim CEO of Centaurus, and the other would be appointed by Crown Point; a CFO and COO who would be appointed by Crown Point; a seven member Board of Directors, four of whom would be appointed by Crown Point and three of whom would be appointed by Centaurus; a Chairman of the Board who would be appointed by Crown Point; and a Vice-Chairman of the Board, who would be appointed by Centaurus.
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