Business Services Industry
Pan East Petroleum closes agreement in Berland River Area
Business Wire, March 12, 1996
CALGARY, Alberta--(BUSINESS WIRE)--March 12, 1996--Pan East Petroleum Corp. (TSE:PEC) ("Pan East") is pleased to announce the closing of the agreement to purchase jointly with two industry partners certain interests in oil and gas assets in the Berland River Area.
As a result of this purchase, Pan East's interest in the Berland River area increased approximately from 50 percent to 70 percent. Pan East continues to act as operator. The purchase price of the assets is $35 million, of which Pan East's share is $14 million.
CONTACT: Pan East Petroleum Corp.
Richard A. Walls, 403/234-7477
COPYRIGHT 1996 Business Wire
COPYRIGHT 2008 Gale, Cengage Learning
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