This acquisition is derived from the approximately 3.25% working interest of the CTM 1995 in the Thompsonville field. In consideration for this working interest, Pangea will pay 10 million shares of restricted common stock.
Chuck Pollock, CEO of Pangea, said: This is a large field and at current production rates this acquisition will increase Pangea’s monthly revenue by approximately $1,500 per month. This is an excellent step for Pangea and should provide quality revenue for a number of years in the future.
