PetroCorp Group Inc.
NEX BOARD : PCG.H

July 15, 2011 17:35 ET

PetroCorp Group Inc. Announces Lawsuit

EDMONTON, ALBERTA--(Marketwire - July 15, 2011) - PetroCorp Group Inc. (NEX:PCG.H) (the "Corporation") announced today that it has been served with a statement of claim by Powell Canada Inc. and affiliated companies (collectively, "Powell"), wherein Powell is claiming that the Corporation breeched certain representations and warranties contained in the Asset Purchase Agreements dated October 21, 2009. Powell is claiming it has suffered damages in the amount of $9,000,000, and is seeking indemnification for these alleged damages from the Corporation and other defendants. The Corporation plans to file a statement of defense and vigorously defend itself in this matter.

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Contact Information

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

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