KEYFACT Energy
Pennine Petroleum Corporation has signed a Memorandum of Understanding to undertake a business combination transaction with a private company.
Pennine is seeking to acquire assets located in southwest Alberta with a 50% to 100% working interest, in addition to operatorship. The property contains wells and infrastructure with approximately 12,000 net acres of petroleum and natural gas rights.
Pennine is currently conducting necessary due diligence on this property.
It is the Company’s intention for the transaction to be completed via the issuance of shares for the acquisition of the property.
The transaction will be subject to applicable regulatory and shareholder approvals, and is anticipated to close prior to July 31, 2019.
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