Pardee Resources Company (OTC: PDER) (the “Company”) reports that a subsidiary recently acquired approximately 6,300 acres of surface, timber and mineral interests located in central West Virginia through the acquisition of 100% of the outstanding stock of the property’s owner. The $7 million investment was funded through available cash and bank financing. “This new acreage is located in the core of the Company’s land holdings, making Pardee ideally suited to both evaluate the assets prior to acquisition and to manage them into the future.” said Carleton P. Erdman, President and Chief Executive Officer.
In addition to historical statements, this press release contains statements relating to future events and our future results. These statements are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, and include statements that relate to impact of the acquisition described above. While these forward-looking statements represent our judgments and future expectations concerning our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to: difficult economic conditions, the possibility of increased or adverse government regulation, and the risk that the property may not be as we currently expect, and other risks and uncertainties. As a result, these forward-looking statements may turn out to be incorrect. We are under no obligation to (and expressly disclaim any obligation to) update or alter these forward-looking statements whether as a result of new information, future events or otherwise.