Pardee Resources Company To Sell West Virginia Property

Rhea-AI Summary

Pardee Resources Company (OTC:PDER) entered a definitive agreement to sell about 2,465 acres of surface and mineral property in West Virginia for $23,000 per acre, or roughly $57 million.

The sale is subject to contingencies and normal closing conditions and is currently expected to close in the fourth quarter of 2026, with no assurance it will be completed.

Positive

• Definitive agreement to sell 2,465 West Virginia acres for about $57 million
• Implied sale price of $23,000 per acre locked into definitive agreement

Negative

• Closing subject to contingencies and normal conditions with no assurance of completion
• Transaction timing pushed to an expected closing in fourth quarter 2026

News Market Reaction – PDER

+2.55%

+2.55% Session close to close

In the Jun 15 session, PDER gained 2.55%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

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RADNOR, Pa., June 15, 2026 /PRNewswire/ -- Pardee Resources Company (OTC: PDER) (the "Company") announced today that it has entered into a definitive agreement to sell approximately 2,465 acres of surface and mineral property located in West Virginia for $23,000 per acre or approximately $57 million dollars. The sale is subject to the satisfaction of certain contingencies and normal closing conditions and adjustments. The transaction is currently expected to close in the fourth quarter of 2026, however it is possible that the transaction does not close if certain contingencies or conditions outside of the Company's control are not satisfied. Accordingly, the Company can provide no assurance as to whether the transaction will close. The Company cannot provide any additional information at this time regarding the sale but will advise shareholders if, and when, the transaction closes or the transaction is terminated.

In addition to historical statements, this press release contains statements relating to future events, the pending transaction, 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, risks related to the pending transaction, including the satisfaction of conditions precedent to closing, 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-to-sell-west-virginia-property-302800673.html

SOURCE Pardee Resources Company

FAQ

What property is Pardee Resources (OTC:PDER) selling in West Virginia?

Pardee Resources agreed to sell about 2,465 acres of surface and mineral property in West Virginia. According to the company, the land package includes both surface and mineral rights covered under a single definitive agreement.

How much will Pardee Resources (PDER) receive from the West Virginia land sale?

Pardee Resources agreed to sell the property for $23,000 per acre, or approximately $57 million. According to the company, this consideration is based on the roughly 2,465 acres included in the definitive sale agreement.

When is the Pardee Resources (PDER) West Virginia property sale expected to close?

The West Virginia property sale is currently expected to close in the fourth quarter of 2026. According to Pardee Resources, completion depends on satisfying contingencies and normal closing conditions, and there is no assurance the transaction will close.

What conditions could affect closing of the Pardee Resources (PDER) property sale?

Closing depends on satisfying certain contingencies and normal closing conditions and adjustments. According to Pardee Resources, some conditions are outside the company’s control, so there can be no assurance the transaction will be completed as currently expected.

Is the Pardee Resources (PDER) West Virginia sale already finalized for shareholders?

The sale is not yet finalized; it is only under a definitive agreement. According to Pardee Resources, shareholders will be informed if and when the transaction closes or is terminated, and no additional information is available now.

What risks did Pardee Resources (PDER) highlight about the pending West Virginia sale?

Pardee Resources cited risks related to satisfying conditions precedent to closing and broader economic uncertainties. According to the company, these factors could cause actual outcomes for the pending transaction to differ materially from current expectations.