Jumbo Petroleum Corporation has entered into a Letter of Intent, effective November 29, 2007 to sell all the outstanding shares and loan accounts of the Jumbo subsidiary company, Gigantic Canadian Petroleum Ltd. to the Company's Debenture Holders, for a total consideration of approximately $8 million.
Gigantic holds all the issued and outstanding shares of Jumbo American Petroleum Company, a Nevada Corporation, which holds all of Jumbo's oil and gas interests.
The proceeds from the above sale will be used to pay off Jumbo's outstanding indebtedness to debenture holders of $7,030,000 plus accrued interest.
After this transaction Jumbo will hold a number of diamond exploration claims located in the North West Territories Canada. Jumbo will continue to pursue oil and gas and other energy opportunities.
Shares Outstanding: 55,365,992.
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