PHILADELPHIA, Oct. 13, 2015 /PRNewswire/ -- Pardee Resources Company (OTC: PDER) (the "Company") reports that a subsidiary has recently closed a transaction for the acquisition of 9,741 acres of softwood timberlands located in Culpeper, Fauquier, Fluvanna, Greene, Orange, Spotsylvania and Westmoreland Counties, Virginia. The Company invested $17 million for the acquisition of these properties, which amount was funded through available cash and bank financing. "This investment represents the Company's second softwood timberland investment, having acquired 7,728 acres of Virginia properties in 2010, and further diversifies our Timber Portfolio while expanding our softwood platform," said Carleton P. Erdman, President and Chief Executive Officer.
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, and include statements that relate to impact of the acquisition 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 the risk that the property may not be as we currently expect, 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