PA RESOURCES: NORWEGIAN AUTHORITIES APPROVE PA RESOURCES' SALE OF SUBSIDIARY
The agreement between PA Resources AB and Bayerngas Norge AS concerning the sale of PA Resources Norway AS has been approved by the Norwegian authorities.
Bayerngas Norge AS has received approval from the Norwegian Ministry of Petroleum and Energy as well as the Ministry of Finance to acquire PA Resources AB's Norwegian subsidiary.
The transaction will be formally closed with payment not later than January 7, 2009 according to the agreement between PA Resources AB and the buyer.
Financial consolidation for the buyer Bayerngas Norge AS will take place on January 1, 2009.
For more information about the agreement, see PA Resources' press releases dated on December 1 and 4, 2008.
Stockholm, December 15, 2007
PA Resources AB (publ)
For more information, please contact:
Ulrik Jansson
President and CEO
PA Resources AB
Mobile: +46 70 751 41 84
E-mail: info@paresources.se
or
Bo Askvik
CFO
PA Resources AB
Mobile: +46 708 19 59 18
PA Resources AB (publ) is an international oil and gas group with the business strategy to acquire, develop and exploit oil and gas reserves, as well as explore new findings. The Group operates in Tunisia, Norway, Greenland, Great Britain, Denmark, Netherlands, Equatorial Guinea and the Republic of Congo (Brazzaville). PA Resources is today one of the largest oil producers in Tunisia. The parent company is located in Stockholm, Sweden.
PA Resources AB's net sales amounted to SEK 2,794 Million during 2007. The company is primary listed on the Oslo Stock Exchange in Norway (segment OB Match) and secondary listed on the NASDAQ OMX Nordic Exchange in Stockholm, Sweden (segment Large Cap). For additional information, please visit www.paresources.se.
