Escalera Resources Co. reports the extension of its initial letter agreement with Wyoming GTL LLC (WYGTL) to jointly explore the feasibility of developing a gas-to-liquids (GTL) plant to be located in Wyoming. This extension allows for Escalera and WYGTL to continue to perform the detailed engineering, operations, construction, supply, and related due diligence required to reach a definitive agreement.
The letter agreement will terminate on Jan. 31, 2015, if a definitive agreement between Escalera and WYGTL has not been executed. Pursuant to the original agreement executed on May 30, none of the terms or conditions has changed. In the event a definitive agreement is not executed within the required period, WYGTL will reimburse the company for any portion of the initial study capital previously funded to WYGTL.