Subsequent to the escrow opening date, the transfer of interest, regulatory and compliance documents will be submitted to the Minerals Management Service (``MMS'') for review and approval. The definitive agreement provides for the escrow opening to occur on or before November 15, 2006. The execution of the definitive agreement details the specific steps to consummate the proposed transaction. reported that, further to its news release of July 5, 2006, it has signed a definitive Amended and Restated Purchase & Sale Agreement with Aera Energy LLC, regarding the sale of its 71% interest in the Beta Unit, offshore California.
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