Painted Pony Announces Completion of Northeast BC Montney Asset Acquisition
Painted Pony Petroleum Ltd. (PPY.V) has completed its previously announced acquisition of certain assets and lands in the Kobes area of northeast British Columbia. Painted Pony paid $108 million in cash, before closing adjustments and related costs, pursuant to the acquisition, as announced on December 4, 2012.
With the completion of the acquisition, Painted Pony expands its Montney land position by adding approximately 25 contiguous sections.
The company also announced that the acquisition of light oil assets in Alberta previously announced on December 4, 2012 will not be completed.
PPY shares were down 15 cents to $10.30 on volume of nearly 95,000.
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