Bula Resources has settled all outstanding legal disputes with its former partner, the Russian Corporation.

In 1994, Bula entered a deal with the Russian Corporation to acquire an option over 51 per cent of the shares in Aki-Otyr, a Russian joint stock company to produce oil from two oilfields in Siberia.

Legal problems arose which provoked legal actions between the two sides, including a dispute over the ownership of almost 72 million shares in Bula.

Under the terms of the settlement Bula will benefit from the sale of 60.9 million of these shares. The Russian Corporation will retain 11 million shares. As part of the settlement all litigation has been terminated.