Pardee Completes Stock Repurchase

PHILADELPHIA, Jan. 6, 2020 /PRNewswire/ -- Pardee Resources Company (OTC: PDER) (the "Company") announced today that it purchased 7,000 PDER common shares @ $159.39 per share in a privately negotiated transaction for $1,115,730 on December 30, 2019. This purchase was made pursuant to the Company's previously announced 2019 share repurchase authorization. In addition, the Company reported that the Board had recently approved the Company's repurchase of up to $3.5 million of its outstanding common shares in 2020.  This stock repurchase program may be carried out through up to $1.5 million in privately negotiated transactions and through up to $2 million in open market purchases.  This program provides the Company with the flexibility to repurchase shares from time to time based on market and business conditions, stock price and other factors. The Company is not obliged to repurchase any of its common shares and there can be no assurance as to when, or whether, any shares will be repurchased under this program.

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, 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.

SOURCE Pardee Resources Company