Secova Metals Corp., Vancouver, (Toronto Venture: SEK) plans to acquire privately held, Alberta-based Taman Petroleum Corp. for C$3.06 million in stock.

Secova will issue one share per 1.4286 Taman share, for a total issue of 43.75 million Secova shares.

Taman owns 8% interest in Technoton LLC, a Russian private company, which owns 100% of the South Temryuk Oil & Gas Exploration-Exploitation license in the Azov-Kuban petroleum region of southwestern Russia. Taman has a right to earn an additional 22% of the project by funding and completing additional exploration or exploitation.

The project covers 4,000 hectares and is situated four kilometers south of the community of Temryuk (Krasnodar Krai Russia), between the Black Sea and the Sea of Azov.

The Azov-Kuban petroleum basin region is a mature oil and gas producing region with ready access to both pipelines and ocean tankers. The South Temryuk license is sandwiched between two mature producing oilfields, the Kurchanskoye and the Strelchanskoye; controlled by the major petroleum company Rosneft. Reports indicate that estimated historical production from Kurchanskoye is 80 million barrels of oil and 170 billion cubic feet of gas, while Strelchanskoye production estimates are 30 million barrels of oil and 30 billion cubic feet of gas.

The deal is expected to close by June 30.