PetroWorth Resources Inc. has entered into a preliminary agreement to merge the company with Giant Exploration Inc. (Giant), pending certain approvals from the shareholders of each company and satisfaction of other usual conditions for transactions of this kind.

Under the terms of the proposed merger, Giant shareholders will obtain a prescribed number of shares of PetroWorth based on an agreed upon valuation of the two companies. PetroWorth will be holding a special shareholders meeting in conjunction with its Annual General Meeting on or prior to July 15, 2013 to vote on the proposed transaction.

Tags: Giant Exploration Inc., PetroWorth Resources