Pangea Petroleum Acquires Working Interest in Texas
Pangea Petroleum Corporation that has acquired a 6% share in an interest in the Thompsonville NE Field wells in Jim Hogg County, Texas that are operated by Forest Oil. This acquisition is derived from the approximately 3.25% working interest of the CTM 1995, LLC in the Thompsonville field. The effective date of the contract is January 1, 2008. In consideration for this working interest, Pangea will pay 10,000,000 shares of restricted common stock.
"This is a large field and at current production rates this acquisition will increase Pangea's monthly revenue by approximately $1500 per month," notes Chuck Pollock, CEO of Pangea. "This is an excellent step for Pangea and should provide quality revenue for a number of years in the future."
- Pangea Petroleum Acquires Working Interest in Texas (Jan 17)
- Pangea Petroleum Reduces Shares Outstanding (Oct 10)
- Pangea Petroleum Completes Texas Well (Feb 23)