SOURCE: Palisades Petroleum

December 07, 2011 11:19 ET

Palisades Petroleum Corporation (PINKSHEETS: PAPT) Chairman Makusha Gozo Signs a Letter of Intent With Strat Petroleum Limited for a Merger

BALTIMORE, MD--(Marketwire - Dec 7, 2011) - Makusha Gozo, Chairman of Palisades Petroleum (PINKSHEETS: PAPT), is pleased to announce that it has signed a Letter of Intent with Strat Petroleum for the merging of the two companies. Strat Petroleum will be the surviving corporation and the shares will be exchanged on a ratio of one to one. This means that each share of Palisades Petroleum will be converted to a share of Strat Petroleum. A formal agreement will be drafted over the next few weeks.

Sam Hyams, Director of Strat Petroleum, states the following, "I am pleased to merge Strat with Palisades due to their large, diverse asset base and because of their interest in our Russian opportunities. This will benefit the stakeholders of both corporations."

Palisades Petroleum Chairman Makusha Gozo has previously reported completed agreements with the first of three leading West African cocoa producing nations' cocoa boards via its intermediary entities including Durst Fund LLC.

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