Calgary's Bakrie Minarak Energy Enters Letter of Agreement With Indonesian Company

Bakrie Minarak Energy Inc., a Calgary-based firm, has announced that it has entered into a letter of agreement with Indonesia’s PT Bumi Modern, providing for the negotiation of a formal agreement for Bumi to wholly fund non-drilling costs on an oil exploration block in the Republic of Yemen. Bakrie has a 50% interest in the block, and the transaction will be conditional on Bumi being able to acquire the other 50% within a two-month period. As well, it has been announced that effective March 15, Bakrie has formally changed its name to Pertacal Energy Inc. to better reflect a previous arrangement with Pertamina, Indonesia’s state-run oil company.