Primary Petroleum Divests of Non-Core Leases on its Pondera-Teton Prospect in NW Montana
August 16, 2013 (Source: Marketwired) — Primary Petroleum Corporation (TSX VENTURE:PIE)(OTCQX:PETEF) (“Primary” or the “Company”) is pleased to confirm that it has entered in to a Purchase and Sale Agreement to divest of approximately 9,245 net acres of non-core leases with a Denver based E&P Company. The purchase price was for US$50/acre, which represents a total transaction benefit to Primary of approximately US$462,250. The transaction is scheduled to close on or before September 30, 2013 and is subject to due diligence by the purchaser. Primary continues to hold under lease 295,836 gross acres (208,649 net acres) in its Pondera Teton prospect in NW Montana
The Company would also like to provide an update on its progress in seeking an Industry Partner to continue Phase II of an Exploration Program on the Pondera Teton prospect. Having identified light oil prospectivity on the Pondera Teton Prospect situated in northwestern Montana, Primary continues in its efforts to find a Joint Venture partner to continue the work begun in Phase I; in addition to contacting Industry players from the Rockies region, Primary has engaged a well-known industry marketing firm to assist us to find a partner and/or divesting of the land assembly before the end of December, 2013.
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Primary’s strong working capital surplus, no debt and a substantial land base secured well into the future, provides the Company with several options to create future shareholder value from our current assets and balance sheet.
About Primary Petroleum Corporation – Primary is a junior oil and gas company engaged in exploration and development activities in NW Montana and currently holds substantial land positions in both an unconventional and conventional oil play. The Company’s mandate is to continue to acquire strategic opportunities in the Sedimentary Basins of the Western United States and Canada and seek out qualified industry partners to assist in the exploitation and development. To learn more about us, please visit our website at: www.primarypetroleum.com.
FORWARD-LOOKING STATEMENTS DISCLAIMER: Certain statements in this document may contain “forward-looking statements” or “forward-looking information” within the meaning of applicable securities legislation. Such forward-looking statements or information include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. The Company does not assume the obligation to update any forward-looking statement, except as required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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