CALGARY, ALBERTA–(Marketwired – Aug. 18, 2016) – Perisson Petroleum Corporation (“Perisson” or the “Company“) (TSX VENTURE:POG) 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.
About Perisson Petroleum Corporation
On July 21, 2016, Perisson Petroleum Corporation commenced trading on the on the TSX-V under the symbol “POG”. The Company holds a 100% working interest in 39,927 hectares (almost 100,000 acres) known as the VMM-17 block, a license located in the prolific, stable, oil-producing region of the Middle Magdalena Basin in central Colombia. The Corporation also maintains a beneficial interest in certain oil and gas producing properties (approximately 200 boe/d) in the Twining area of Alberta, Canada. The Corporation’s objectives are to acquire, explore, exploit and produce oil from its growing interests in the Western Canada Sedimentary Basin as well as the relatively shallow reservoirs believed to be within the VMM-17 block.