American Patriot Oil and Gas has received a Letter of Intent for the sale of the entire oil and gas assets of AOW for US$20m cash to a private US oil company, Edward Mike Davis, LLC. The Letter of Intent was received from the legal advisors of Edward Mike Davis, LLC and is subject to a number of terms and conditions.
American Patriot CEO Alexis Clark said,'We are pleased to have received this approach from a significant private US oil company for the entire assets of American Patriot at this early stage in the development program. The offer demonstrates the quality of AOW's portfolio of assets and validates the company strategy, particularly in the current challenging market environment.'
'However we believe this offer is opportunistic in the current oil price environment and substantially undervalues the potential value of AOW assets.'