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Primary Petroleum Completes Sale and Joint Venture With Major U.S. Industry Partner on Its Southern Alberta Basin Bakken Fairway Lands in NW 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.
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.
Click here to see the full press release
Click here to see a profile on Primary Petroleum (TSXV:PIE)
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