Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/panterra-enters-into-agreement-to-acquire-addition.shtmlPanTerra enters into agreement to acquire additional assets in the Alberta foothills
PanTerra Resource Corp. has entered into an arm's length purchase and sale agreement dated August 19, 2014 (the "Purchase and
Edit page New page Hide edit links
PanTerra Resource Corp. has entered into an arm's length purchase and sale agreement dated August 19, 2014 (the "Purchase and Sale Agreement") with a public Canadian oil and gas company to acquire (the "Acquisition") certain petroleum and natural gas assets located in several areas of the Western Canadian foothills, including the Brown Creek, Stolberg, Deanne, Burnt Timber, Moose, Jumping Pound, and Ricinus areas in Alberta (collectively, the "Assets"), effective as of July 1, 2014, for a purchase price of $24.0 million in cash, subject to adjustments. The Acquisition is subject to standard industry closing conditions.
The Acquisition provides the Corporation an entrance into the Central and Southern Alberta foothills areas and includes a strategic working interest in the production facilities at Stolberg and an ownership of the Ram River gas plant. The Assets provide a stable production base, an attractive decline rate of approximately 9-10% and a minority working interest in approximately 49,350 gross (5,922 net) acres of land.
