Pardee Resources Company Announces Conclusion of Tender Offer

PHILADELPHIA, June 17, 2014 /PRNewswire/ -- Pardee Resources Company (OTC: PDER) (the "Company") announced today that its recent offer to purchase up to 22,600 shares of its outstanding common stock at a purchase price of $265.50 per share (the "Offer") expired as scheduled on June 13, 2014.  The number of shares tendered in the Offer exceeded the maximum number of shares initially sought in the Offer.  In accordance with the discretion afforded the Company under the terms of the Offer, the Company has elected to purchase all of the 51,300 common shares which were tendered, at a purchase price of $265.50 per share, for an aggregate consideration of $13,620,150.  

This press release may contain certain forward-looking statements, including statements with regard to future events or the future performance or operation of the Company.  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: changes in the economy, risks associated with possible disruption in the Company's operations or the economy generally due to terrorism or natural disasters, future changes in laws or regulations and conditions in the Company's operating area, the ability to complete the Offer, and the price at which shares of common stock may trade on the over-the-counter market in the so-called "pink sheets", which may be higher or lower than the purchase price in the Offer.  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

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