PanTerra Resource Corp. has agreed to the sale of a 60% Working Interest in its Carrot Creek Cardium assets of Central Alberta. The total purchase price is $3,396,488. A letter of intent ("LOI") has been signed and a definitive purchase and sale agreement is being prepared for execution. The disposition will occur in two separate tranches, the details of which follow:
(1) The sale of 60% of the Proven Producing Reserve asset for a price $1,096,688 which will take place on or before June 10, 2013.
(2) The sale of 60% of the Probable Reserve asset and tangible surface equipment for $2,299,800, which will take place on or before July 22, 2013.
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PanTerra Resource Corp.
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