Pardee Resources Company: Plans To Market Certain Timberland Properties

Rhea-AI Summary

Pardee Resources Company (OTC: PDER) announced plans to market approximately 47,000 acres of hardwood timberland in central and southern West Virginia, representing 30% of its timberland holdings. This move aims to rebalance the company's natural resource portfolio. There is no guarantee of receiving a satisfactory proposal or completing a sale on favorable terms. Pardee has not set a timetable for this initiative and will provide further updates only if deemed necessary. The statements in the press release include both historical information and forward-looking statements about future events and results.

Positive

• None.

Negative

• No assurance of receiving an acceptable proposal for the timberland sale.
• Uncertainty regarding the completion of the sale on attractive terms.
• Potential delay in the initiative due to no set timetable.

PHILADELPHIA, June 18, 2024 /PRNewswire/ -- Pardee Resources Company (OTC: PDER) (the "Company") announced today that it has decided to market certain hardwood timberland tracts located in central and southern West Virginia, totaling approximately 47,000 acres, or 30% of the Company's timberland holdings. This initiative, if successful, is intended to rebalance the Company's overall natural resource portfolio. There can be no assurance that this marketing initiative will result in Pardee receiving an acceptable proposal from a prospective buyer or that a sale transaction will be completed on attractive terms, if pursued. Pardee has not set a timetable for completion of this marketing initiative and does not intend to discuss further developments unless and until it is determined that further disclosure is appropriate or necessary. 

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. 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, our ability to successfully market and close the sale of certain timberland properties and deploy any proceeds in alternative strategic investments, difficult economic conditions 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.

View original content:https://www.prnewswire.com/news-releases/pardee-resources-company-plans-to-market-certain-timberland-properties-302176164.html

SOURCE Pardee Resources Company

FAQ

What did Pardee Resources Company announce on June 18, 2024?

Pardee Resources Company announced plans to market 47,000 acres of hardwood timberland in West Virginia to rebalance its natural resource portfolio.

How much timberland is Pardee Resources Company planning to market?

Pardee Resources Company plans to market approximately 47,000 acres of hardwood timberland.

Where is the timberland that Pardee Resources Company is marketing located?

The timberland is located in central and southern West Virginia.

What percentage of Pardee Resources Company's timberland holdings is being marketed?

The company is marketing 30% of its timberland holdings.

Is there a set timetable for Pardee Resources Company's timberland marketing initiative?

No, Pardee Resources Company has not set a timetable for this marketing initiative.

What are the potential challenges of Pardee Resources Company's timberland sale?

There is no assurance of receiving an acceptable proposal or completing the sale on attractive terms.