Perisson Petroleum Corporation, is pleased to announce that the Company has completed the last stage of the closing process of the purchase of the Twining assets announced on May 19, 2016, by completing the final statement of adjustments related to the purchase. As a result, the Company made an additional payment of approximately $142,000 to the Receiver for the asset.
The Company has received its first oil and natural gas production and related revenues from these Canadian assets for the months of May and June 2016. Notwithstanding the current low oil and natural gas price environment, the assets generated positive cash flow for both months.
Additionally, the Company has purchased oil and gas rights on one and a quarter sections (approximately 800 acres, 400 net) of land as we continue to expand our land holdings and development opportunities in the Company's core Twining area.
Source: Perisson Petroleum Corporation
Date: Aug 18, 2016