Primary Petroleum Divests Non-Core Leases On Pondera-Teton Prospect In NW Montana

To buy 9,245 net acres of non-core leases on the Pondera Teton prospect.

Calgary-based Primary Petroleum Corp. (Toronto Venture: PIE) has entered into an agreement to divest approximately 9,245 net acres of non-core leases with a Denver-based E&P company. The purchase price was for US$50 per acre, which represents a total transaction benefit to Primary of approximately US$462,250. The transaction is scheduled to close on or before September 30, 2013 and is subject to due diligence by the purchaser. Primary continues to hold under lease 295,836 gross acres (208,649 net acres) in its Pondera Teton prospect in NW Montana.

The company has also provided an update on its progress in seeking an industry partner to continue Phase II of an Exploration Program on the Pondera Teton prospect. Having identified light oil prospectivity on the Pondera Teton Prospect situated in northwestern Montana, Primary continues in its efforts to find a joint venture partner to continue the work begun in Phase I; in addition to contacting industry players from the Rockies region, Primary has engaged a well-known industry marketing firm to assist in finding a partner and/or divesting the land assembly before the end of December 2013.