PHILADELPHIA, Jan. 31, 2014 /PRNewswire/ -- Pardee Resources
Company (OTC: PDER) announced today that Forecon, Inc., a
professional forestry consulting and certified timberland appraisal
firm based in Falconer, New York,
recently completed a market value appraisal of the Company's
surface and timber rights on approximately 136,200 acres, which
constitute the bulk of the Company's hardwood timberland ownership.
In preparing their Summary Appraisal Report, Forecon followed
the guidelines set forth by the Uniform Standards of Professional
Appraisal Practice. Based upon Forecon's analysis, they
determined that the market value of the subject timberland acreage
is $136 million. Pardee has
prepared an Executive Summary of the Forecon Summary Appraisal
Report which can be found on Pardee's website at
www.pardee.com/news.html. "Given the recent volatility in the
timber markets, and the varying parameters which constitute
timberland value, we contracted with Forecon, Inc. to conduct a
market value appraisal as a means to better understand the market
value of these assets for our management, Board of Directors and
shareholders," said Carleton P.
Erdman, President and Chief
Executive Officer. Mr. Erdman further noted that "the
appraisal did not include the Company's 7,780 acres of Virginia softwood timberlands which were
acquired in 2010 for $13.9 million,
or the 8,920 acres of various hardwood tracts that are not
considered core timberland holdings". The appraised market value
for the subject timberland acreage does not necessarily represent
the price that could be realized by the Company. In any event, the
Company has no intention at this time to seek to liquidate or
otherwise divest any of this timberland, other than sales in the
ordinary course of business.
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 the impact of the appraisal 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 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
