Pardee Resources Company Completes Timberland Appraisal
PHILADELPHIA, Jan. 31, 2014 /PRNewswire/ -- Pardee Resources Company (OTC: PDER) announced today that Forecon, Inc., a professional forestry consulting and certified timberland appraisal firm based in Falconer, New York, recently completed a market value appraisal of the Company's surface and timber rights on approximately 136,200 acres, which constitute the bulk of the Company's hardwood timberland ownership. In preparing their Summary Appraisal Report, Forecon followed the guidelines set forth by the Uniform Standards of Professional Appraisal Practice. Based upon Forecon's analysis, they determined that the market value of the subject timberland acreage is $136 million. Pardee has prepared an Executive Summary of the Forecon Summary Appraisal Report which can be found on Pardee's website at www.pardee.com/news.html. "Given the recent volatility in the timber markets, and the varying parameters which constitute timberland value, we contracted with Forecon, Inc. to conduct a market value appraisal as a means to better understand the market value of these assets for our management, Board of Directors and shareholders," said Carleton P. Erdman, President and Chief Executive Officer. Mr. Erdman further noted that "the appraisal did not include the Company's 7,780 acres of Virginia softwood timberlands which were acquired in 2010 for $13.9 million, or the 8,920 acres of various hardwood tracts that are not considered core timberland holdings". The appraised market value for the subject timberland acreage does not necessarily represent the price that could be realized by the Company. In any event, the Company has no intention at this time to seek to liquidate or otherwise divest any of this timberland, other than sales in the ordinary course of business.
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, and include statements that relate to the impact of the appraisal described above. 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: difficult economic conditions, the possibility of increased or adverse government regulation, 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.
SOURCE Pardee Resources Company