Just came across this. It appears to change the equation for PCQ, giving them a 30% interest in Ressource & Energie Squatex's St. Larry Lowland Utica shale properties. The southernmost portion of this ground lies squarely in the Utica fairway:
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May 20,2008
Petrolympic to Acquire a 30% Interest in All Squatex Properties
Montreal, Canada (ots/PRNewswire) - - All Dollar Amounts are Expressed in Canadian Dollars Petrolympic Ltd. ("Petrolympic" or the "Company") (TSX VENTURE: PCQ.V) is pleased to announce that it has entered into a binding letter of agreement (the "Agreement") with Ressource & ...
Exploration today - news delivered by ad-hoc-news.com: Montreal, Canada (ots/PRNewswire) -
- All Dollar Amounts are Expressed in Canadian Dollars
Petrolympic Ltd. ("Petrolympic" or the "Company") (TSX VENTURE:
PCQ.V) is pleased to announce that it has entered into a binding letter of agreement (the "Agreement") with Ressource & Energie Squatex inc. ("Squatex") pursuant to which Petrolympic will acquire a 30% legal and beneficial interest in 36 exploration permits totaling 672,438 hectares in the St.
Lawrence Lowlands, Bas St-Laurent and Gaspe Peninsula in Quebec (the "Transaction").
Upon signing of the Agreement, Petrolympic made an initial
payment of $500,000 to Squatex in order to cover certain outstanding payments on the permits.
In order to complete the acquisition of the interest in the
Squatex properties, Petrolympic is required to make additional cash payments of $1,000,000 on June 30, 2008 and $1,000,000 on July 31, 2008, with $1.8 million of such funds to be used for exploration of the properties and $200,000 made available to Squatex for its working capital. If Petrolympic does not make these payments for any reason, it will convert the initial $500,000 payment to an 8% equity interest in Squatex.
The Transaction remains subject to Petrolympic's satisfactory due diligence.
Petrolympic Ltd.
Prior to completion of the Transaction, Petrolympic holds more
than 113,906 hectares (281,468 acres) of oil and gas exploration permits in the Appalachian Basin of Quebec that include holdings in the Gaspe Peninsula and in the southern part of the St. Lawrence Lowlands. The Gaspe block of exploration permits totals 40,885 hectares located between Rimouski and Matane in the Province of Quebec immediately southwest of Lake Matapedia. The St. Lawrence
Lowlands Block of exploration permits is located on the south shore of the St. Lawrence directly south of Valleyfield less than 30 kilometers southwest of Montreal in the Province of Quebec. |
