Under the terms of the Purchase and Sale Agreement, Shannon now owns all of Rally's working interests in approximately 376,000 gross acres of Petroleum and Natural Gas Permits, including a 92% working interest in a 65,000 acre Permit in which Shannon had not previously held a working interest. In addition to the Permits, Shannon has acquired Rally's interests in all its PEI seismic, geomagnetic surveys and well bore information, including a 92% working interest in a suspended gas well which showed considerable potential on logs.
With the consolidation of these permits, Shannon intends to pursue a strategy to maximize the potential of these assets. With the increased industry interest that has recently developed in the project area, it is expected that Shannon will be in a position to announce further developments in the near future, including details of a dividend to Shannon shareholders.
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