Regal Petroleum sells Romanian subsidiary to partner Zeta, focuses on Ukraine

Oil and gas company Regal Petroleum sold its stake in its Romanian subsidiary to its partner Zeta Petroleum, which will become full owner of the concession in Suceava, Northern Romania, Regal Petroleum announced. The Romanian subsidiary's sole asset was the 50 percent participation in the Suceava concession. The deal is worth USD 650,000. Regal Petroleum made a loss before tax of around USD 1 million in 2011 in Romania, and had net assets of some USD 0.8 million. Following completion of the sale, the company will be solely focussed on its assets in Ukraine, according to Regal. Earlier this year, Regal sold the concession rights in Barlad to Chevron, for USD 25 million. editor@romania-insider.com