PTII currently has cash reserves that it intends to utilize to build its assets through acquisitions and additional drilling. Commenting on the news, David Stadnyk, PTII President & CEO said, "PTII has begun the process of selling up to 35% of its 11.2 million shares in Pharmaxis and moving forward, PTII intends to continue to use a portion of its growing company treasury to participate in more substantial oil and gas projects. Over the next 18 months PTII's goal is to become a 1000 bbls of oil/day producer and I am confident that today's announcement will help us reach that goal."
PTII is a junior oil and gas producer that currently earns oil revenue from 19 oil wells. These wells provide the company with short-term and long-term cash flow. This cash flow is expected to increase in the very near future because the McLeod 10-20 well is now in full production. PTII has properties in North America, and is exploring opportunities in North Africa, South America, and Ukraine. PTII has begun a program to sell up to 3,920,000 (35%) of its 11.2 million shares investment in Pharmaxis (Australian Stock Exchange: PXS, NASDAQ NM: PXSL). 5.6 million shares of its Pharmaxis shares or the net proceeds of the sale of those shares, both after taxes and costs, have been declared as a dividend to shareholders of record as at July 30, 2004, subject to regulatory approval.
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