Hunter Oil has completed the sale of its oil and gas operations to Pacific Energy Development, Nevada corporation and a wholly-owned subsidiary of PEDEVCO.
The aggregate purchase price paid for the Assets was USD $21,315,636 (the “Purchase Price”), being approximately CAD $27,710,327. In addition, the Purchaser assumed all of the long-term liabilities being the asset retirement obligations associated with the oil and gas leases.
“After securing managerial control of Hunter in Q1 of 2015 I assembled a team of nimble and efficient industry professionals to develop the portfolio of highly distressed assets into a turn-key, horizontal San Andres targeted drilling opportunity. This transaction monetizes our efforts of the past three years, and I am especially pleased to have generated a significant return for the shareholders who supported us throughout” said Andrew Hromyk, Executive Chairman.
The Company expects to distribute its available cash (less USD $2,500,000 for working capital) to its shareholders as a return of capital distribution (the “Distribution”). The Company plans to announce the record date and mechanics for the Distribution as soon as possible.
Source: Company Press Release