Shannon International Acquires PEI Assets from Rally Energy
Shannon International Resources has completed the Purchase of Prince Edward Island assets from Rally Energy Corp.
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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Company: Shannon International Resources more info
- Shannon Intl Increases Stake in Prince Edward Island Permit (Jun 09)
- Shannon International Acquires PEI Assets from Rally Energy (Feb 25)