Primary Petroleum Corporation reported that it has acquired all the issued and outstanding units of AP Petroleum Company LLC, a private Montana corporation. AP Petroleum owns 100% interest in the Prairie Dell gas field, 31 producing wells, production facilities, 81,300 (gross) or 78,500 (net) acres of prospective oil and gas leases in Montana, and over 10 miles of 2D seismic and 3 sq. mi. of 3D seismic data. The overriding royalty is 12.5% on all of the leases owned by AP Petroleum.
The total consideration paid for this acquisition was C$3,662,459.87, comprised of C$2,698,420.67 cash and 1,205,049 units. Each unit consists of one common share and one share purchase warrant exercisable into one common share at a price of C$1.10 until January 18, 2009.
The Company paid a finder's fee in connection with the introduction of this acquisition made by the finder. Such finder's fee was paid in accordance with TSX Venture Exchange policies.
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