Altai Nabs Quebec Private Co., JV Partner in Utica Shale Gas Fairway
Altai Resources has completed its acquisition of Petro St-Pierre Inc. ("PSP"), a Quebec private company and Altai's minority joint venture partner in its Sorel-Trois Rivieres gas property, St. Lawrence Lowlands, Quebec which was first announced in Altai's press release of June 16, 2008.
For the purchase of all the issued and outstanding shares of PSP, Altai issued 8,200,000 common shares to PSP's former shareholders and made aggregate cash payments of approximately $350,000 and assumed approximately $250,000 of PSP's debts.
With this strategic acquisition of PSP, Altai now owns 100% interest in the largest uncommitted (not farmed-out) contiguous land package of 114,252 hectares (282,317 acres) in the heart of the St. Lawrence Lowlands Shale Gas Fairway among the junior public companies. Apart from shale gas, Altai's permits host other potential gas targets mainly Trenton-Black River, Beekmantown and gas deposits in recent gravels. In addition Altai has 15% gross royalty in a permit of 13,290 hectares (33,000 acres) now held by Talisman Energy Canada in the same area.
The Company is also pleased to announce that its Board has recently elected Howard Rosen, CA, CBV as a director of Altai and has appointed him as the Chairman of the Audit Committee. Rosen brings with him extensive corporate finance experience in both public and private companies, in business valuations and acts as advisor and principal in venture capital and private equities.
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