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<strong>Dan</strong> <strong>Hughes</strong> biography-chapter 22_Layout 1 2/16/2016 1:44 PM Page 148<br />
COLOMBIA CARA CARA<br />
Operations in Colombia continued to be successful. At that point,<br />
it was decided to put the Cara Cara production up for sale and the<br />
concession was listed to be sold with Scotia Waterous. That company<br />
has worldwide offices in which to advertise the sale and after several<br />
weeks of negotiation, their production was sold to CEPSA, an oil<br />
company in Spain. <strong>The</strong> sale was for $925 million, but there was also<br />
a clause that adjusted the final sale price based on crude prices<br />
during the six months as the deal was being closed. Hupecol was to<br />
receive any additional price increase between an $85 per barrel base<br />
line to whatever the price might be until the deal was closed.<br />
During that period the price of oil reached $140 a barrel, so<br />
the group picked up another $70 million when the deal was<br />
finally closed.<br />
This proved to be one of the largest paydays that <strong>Dan</strong> was<br />
fortunate to achieve. Following this sale, several other permits were<br />
<strong>Dan</strong>, <strong>Dan</strong> Allen, and D.A. with the Challenger 300 at Chase Field Hangar.<br />
148
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