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PetroHunter Energy Corporation Announces Sale of Heavy Oil Resource in Montana and Utah to Pearl Exploration and Production Ltd.

Publication: PR Newswire
Publication Date: 01-OCT-07 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
PetroHunter will focus on its Piceance Basin assets and 7,000,000-acre Australia prospect

DENVER, Oct. 1 /PRNewswire-FirstCall/ -- PetroHunter Energy Corporation ("PetroHunter") (BULLETIN BOARD: PHUN) and Pearl Exploration and Production Ltd. ("Pearl") (TSX Venture: PXX and First North: PXXS) and are pleased to announce that the two companies have entered into an agreement pursuant to which Pearl will acquire PetroHunter's heavy oil assets located in Montana and Utah. The assets being acquired include a 100% working interest in several large resource heavy oil development projects referred to as Fiddler Creek, Promised Land, West Rozel and Gunnison Wedge.

The purchase price will be a maximum of US $30 million, payable as follows: (a) US $7.5 million in cash at closing; (b) the issuance of the number of common shares of Pearl equivalent to...

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