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Article: Primary Petroleum to Acquire the Prairie Dell Field and 70,000 Acres in Montana
- Article from:
- CCNMatthews Newswire
- Article date:
- November 29, 2007
CopyrightCopyright 2007 CCNMatthews Newswire. Provided by ProQuest LLC. (Hide copyright information)
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CALGARY, ALBERTA--(Marketwire - Nov. 29, 2007) - Primary
Petroleum Corporation (TSX VENTURE:PIE) ("Primary" or the "Company")
announced today that it has agreed to acquire subject to certain
conditions and board and regulatory approval, the shares of AP
Petroleum Company LLC ("AP Petroleum"), a private Montana
corporation. AP Petroleum owns 100% interest in the Prairie Dell gas
field, 31 producing wells, production facilities, 81,300 (gross) or
78,500 (net) acres of prospective oil and gas leases in Montana, and
over 10 miles of 2D seismic and 3 sq. mi. of 3D seismic data. The
overriding royalty is 12.5% on all of the leases owned by AP
Petroleum.
The total consideration for this proposed ...