PetroCorp Group Inc.
NEX BOARD : PCG.H

April 14, 2011 17:25 ET

PetroCorp Group Inc. Announces Dispute Notice

EDMONTON, ALBERTA--(Marketwire - April 14, 2011) - PetroCorp Group Inc. (NEX BOARD:PCG.H) (the "Corporation") announced today that, further to its press release of April 1, 2011, the Corporation has sent a dispute notice and an objection to a claims notice in response to an indemnity notice and claims notice (the "Powell Notices") it received from Powell Canada Inc. and affiliated companies (collectively, "Powell") pursuant to the Asset Purchase Agreements dated October 21, 2009 (the "APAs") and an Escrow Agreement dated December 15, 2009. Powell is claiming a total of $8,541,384.86 pursuant to the Powell Notices. The Corporation is disputing the entire amount claimed by Powell under the the Powell Notices and plans to vigorously defend itself in this matter.

Neither the NEX, nor its Regulatory Services Provider (as that term is defined in the policies of the NEX) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • PetroCorp Group Inc.
    Larry Patriquin
    President & CEO
    (780) 499-7662

    PetroCorp Group Inc.
    Randy Fries
    Interim CFO
    (780) 910-9436