Pardee Resources Company Divests Pennsylvania Oil and Gas Interests

Rhea-AI Summary

Pardee Resources Company (OTC: PDER) has announced the completion of a significant divestment, selling approximately 8,800 acres of oil and gas interests in Elk and Cameron Counties, Pennsylvania for $10 million. The divested assets, which were originally acquired over a century ago, were non-revenue producing and considered non-strategic to the company's operations, according to President and CEO Carleton P. Erdman.

Positive

• Secured $10 million in immediate cash from sale of non-productive assets
• Strategic divestment of non-revenue generating properties
• Improved balance sheet through monetization of legacy assets

Negative

• Reduction in total land holdings and potential future development opportunities

RADNOR, Pa., April 16, 2025 /PRNewswire/ -- Pardee Resources Company (OTC: PDER) (the "Company") announced today that it closed on the sale of approximately 8,800 acres of oil & gas interests located in Elk and Cameron Counties, Pennsylvania for $10 million dollars.  "These interests, which were acquired over 100 years ago, were non-revenue producing and deemed non-strategic to the Company," said Carleton P. Erdman, President and CEO.

In addition to historical statements, this press release contains statements relating to future events and our future results.  These statements are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995.  While these forward-looking statements represent our judgments and future expectations concerning our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations.  These factors include, but are not limited to, difficult economic conditions and other risks and uncertainties.  As a result, these forward-looking statements may turn out to be incorrect. We are under no obligation to (and expressly disclaim any obligation to) update or alter these forward-looking statements whether as a result of new information, future events or otherwise.

View original content:https://www.prnewswire.com/news-releases/pardee-resources-company-divests-pennsylvania-oil-and-gas-interests-302430961.html

SOURCE Pardee Resources Company

FAQ

How much did Pardee Resources (PDER) receive for its Pennsylvania oil and gas interests sale?

Pardee Resources received $10 million for the sale of approximately 8,800 acres of oil and gas interests in Elk and Cameron Counties, Pennsylvania.

What was the strategic rationale behind PDER's Pennsylvania asset sale?

The assets were non-revenue producing and deemed non-strategic to the company, having been acquired over 100 years ago.

How many acres of oil and gas interests did PDER sell in Pennsylvania?

PDER sold approximately 8,800 acres of oil and gas interests located in Elk and Cameron Counties, Pennsylvania.

What counties in Pennsylvania were involved in PDER's asset sale?

The oil and gas interests were located in Elk and Cameron Counties, Pennsylvania.