PanTerra Acquires Stealth's Saskatchewan Assets
PanTerra Resources has closed the acquisition of Stealth Venture's 50% share of the jointly held assets in the province of Saskatchewan. The Company now controls 1.1 million acres (net) in the province with a 100% working interest. In consideration for this transaction, the Company will issue to Stealth 13,000,000 common shares of the Company at a deemed value of $0.25 per share, such shares shall be subject to a one-year hold period. This transaction is considered an 'Arms Length Transaction' and no finder's fees were paid as a result.
The Company also reports that it has completed and fracture stimulated a number of zones in four wells on two of its properties, Moose Jaw and Foam Lake, which represents approximately 10% of the completion and stimulation program currently underway. All wells were flowed back after nitrogen based fracture stimulations and yielded natural gas in increasing amounts.
Fred Rumak, President stated, "Completion and fracture stimulation costs incurred to date have been below original budgeted costs due to general industry conditions and operational efficiencies employed by the stimulation contractors. Lower completion costs, combined with favorable provincial royalty rates in Saskatchewan (5% to 7% for unconventional natural gas) enhance shale gas project economics."
PanTerra Resource Corp. is an Alberta-based resource company focused on the exploration and development of unconventional shallow and shale gas. The Company holds three exploration permits and four licenses for a total of 1.1 million acres (net) on four properties in the province of Saskatchewan. PanTerra trades on the TSX Venture Exchange under the symbol "PAN".
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Company: PanTerra Resources Corp. more info
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