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Primary Petroleum Corporation (TSX VENTURE:PIE)(OTCQX:PETEF) is pleased to announce that its wholly owned U.S subsidiary; Primary Petroleum Company LLC, has signed and closed a Sale and Joint Venture Agreement with a major U.S. based Industry Partner (“JV Partner”) that will pay $48.5 million to acquire a 32.5% working interest in Primary’s 291,000 net acres in Western Montana.
Primary Petroleum Corporation (TSX VENTURE:PIE)(OTCQX:PETEF) is pleased to announce that its wholly owned U.S subsidiary; Primary Petroleum Company LLC, has signed and closed a Sale and Joint Venture Agreement with a major U.S. based Industry Partner (“JV Partner”) that will pay $48.5 million to acquire a 32.5% working interest in Primary’s 291,000 net acres in Western Montana.
The JV Partner will retain an option for 60 days of completion of the initial program to commit a further $41 million on a similar secondary exploration program to acquire an additional 17.5% working interest. If the option is exercised, the JV Partner will retain operatorship. The effective date of the transaction is July 1st, 2011.
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