PHILADELPHIA, June 18, 2024 /PRNewswire/ -- Pardee Resources Company (OTC: PDER) (the "Company") announced today that it has decided to market certain hardwood timberland tracts located in central and southern West Virginia, totaling approximately 47,000 acres, or 30% of the Company's timberland holdings. This initiative, if successful, is intended to rebalance the Company's overall natural resource portfolio. There can be no assurance that this marketing initiative will result in Pardee receiving an acceptable proposal from a prospective buyer or that a sale transaction will be completed on attractive terms, if pursued. Pardee has not set a timetable for completion of this marketing initiative and does not intend to discuss further developments unless and until it is determined that further disclosure is appropriate or necessary.

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, our ability to successfully market and close the sale of certain timberland properties and deploy any proceeds in alternative strategic investments, 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