PHILADEPHIA, Dec. 20, 2013
/PRNewswire/ -- Pardee Resources Company (OTC: PDER) announced
today that it closed on the acquisition of approximately 400,000
acres of oil and gas mineral interests located in West Virginia, Virginia and Kentucky for $60.1
million. "The single largest portfolio of its kind in
the Central Appalachian Region, these assets increase our oil and
gas holdings in the Region to over 600,000 acres, while creating
shareholder value and developing a platform for future growth,"
said Carleton P. Erdman, President
and Chief Executive Officer. "The acreage is currently leased
to 27 different operating companies and generates royalty income
from over 2,500 active natural gas wells. The properties are
expected to continue producing for decades while providing
significant development opportunities as technology and markets
allow." The acquisition was financed through available cash
and will be immediately accretive to earnings.
In addition to historical statements, this press release
contains statements relating to future events and our future
results. These statements are "forward-looking" statements within
the meaning of the Private Securities Litigation Reform Act of
1995, and include statements that relate to impact of the
acquisition described above. While these forward-looking
statements represent our judgments and future expectations
concerning our business, a number of risks, uncertainties and other
important factors could cause actual developments and results to
differ materially from our expectations. These factors include, but
are not limited to: difficult economic conditions, the possibility
of increased or adverse government regulation, and
the risk that the oil and gas reserves and prices may not be
as we currently expect, and other risks and uncertainties. As a
result, these forward-looking statements may turn out to be
incorrect. We are under no obligation to (and expressly
disclaim any obligation to) update or alter these forward-looking
statements whether as a result of new information, future events or
otherwise.
SOURCE Pardee Resources Company
