Pardee Resources Company Retains West Virginia Timber Properties

Rhea-AI Summary

Pardee Resources Company (OTC: PDER) has announced the conclusion of its marketing initiative for approximately 47,000 acres of hardwood timberland in central and southern West Virginia without completing a sale. The company received multiple offers for the timber properties but deemed none of them acceptable.

President and CEO Carleton P. Erdman stated that the company will continue to manage these properties for shareholder benefit. The decision comes after a strategic review of the potential sale opportunities, with the company ultimately choosing to maintain ownership of these significant timber assets.

Positive

• Retention of valuable 47,000-acre timber asset portfolio
• Multiple offers received indicating market interest in the properties
• Maintained strategic control over significant natural resource assets

Negative

• Failed to monetize substantial timber assets despite marketing efforts
• Potential missed opportunity for immediate capital realization

RADNOR, Pa., April 24, 2025 /PRNewswire/ -- Pardee Resources Company (OTC: PDER) (the "Company") announced today that its previously announced initiative to market certain hardwood timberland tracts in central and southern West Virginia, totaling approximately 47,000 acres has concluded without a sale.  "While our marketing efforts yielded multiple offers, none were acceptable to the Company and thus the Company has elected to retain the properties and continue to manage them for the benefit of its shareholders," 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-retains-west-virginia-timber-properties-302437861.html

SOURCE Pardee Resources Company

FAQ

What happened to Pardee Resources' (PDER) West Virginia timber property sale initiative?

Pardee Resources concluded its marketing initiative for 47,000 acres of hardwood timberland in West Virginia without a sale, as received offers were deemed unacceptable.

How many acres of timberland did PDER attempt to sell in West Virginia?

Pardee Resources attempted to sell approximately 47,000 acres of hardwood timberland located in central and southern West Virginia.

Why did Pardee Resources (PDER) decide to retain its West Virginia timber properties?

PDER retained the properties because none of the multiple offers received met the company's acceptable criteria for a sale.

What is Pardee Resources' plan for its West Virginia timber properties after the failed sale?

The company will continue to manage the 47,000 acres of timberland properties for the benefit of its shareholders.