PANTERRA ANNOUNCES MAJOR ACQUISITION IN ITS CORE AREA. STEALTH CONVERTS WORKING INTEREST TO SHARE POSITION
Panterra Resource Corp. and Stealth Ventures Ltd. have concluded an agreement whereby Panterra Resource will acquire Stealth Ventures' 50-per-cent working interest in all of its Panterra Resource-operated, joint venture shale gas properties in Saskatchewan. Further to an agreement dated Sept. 12, 2007, Panterra Resource will issue Stealth Ventures 13 million shares from treasury as payment for Stealth Ventures' interest in the properties. These shares will be restricted from trading for a period of one year. This agreement is subject to formal documentation and regulatory approval.
This arrangement allows Panterra Resource to consolidate and control its exploration and development efforts in Saskatchewan with a 100-per-cent working interest in the subject lands. This gives Stealth Ventures the opportunity to focus on its operated unconventional gas properties while retaining an interest in Saskatchewan by obtaining an equity position in Panterra Resource.
Panterra Resource is encouraged with the test results of fracture stimulations conducted in selected wells on its lands in late August, as the wells continue to flow back gas in increasing amounts. Panterra Resource intends to release further operational details in the near future.
