Scout Exploration has signed a letter of intent to acquire a 100% interest in Kerrisdale Resources, a private Alberta company.
The letter of intent (LOI) allows Scout Exploration to complete an independent NI 53-101 compliant engineering report. According to Scout Exploration, this acquisition meets the management’s goal of acquiring fair to undervalued projects at the low end of the commodity price cycle.
John Roozendaal, president and director of Scout Exploration, said: Management envisions an aggressive growth strategy over the next year with the acquisition of Kerrisdale Resources as the stepping stone to further acquisitions, therefore capitalizing on the availability of gas-rich projects while prices for gas remain at recent lows.