Under the agreement with a private company, the property was acquired in consideration for an aggregate of 150,000,000 shares at a deemed price of $0.001 per share for an aggregate deemed consideration of approximately $150,000.
As revealed on February 3, 2010, Park Place Energy has also tendered a bid on an oil and gas exploration and development property within the European Union.
David Johnson, president and CEO of Park Place Energy, said: “The company is aggressively positioning itself as a junior oil and gas explorer by seeking and acquiring blue-sky potential assets. By completing this acquisition we have created an exciting opportunity within a proven Canadian oil field.”
