EDMONTON, June 2 /CNW/ - PetroCorp Group Inc. (NEX: PCGH) ("PetroCorp") is pleased to announce that the previously announced sale of its interest in the PowerComm KO LLP joint venture in Kazakhstan has conditions precedent satisfied and has closed effective April 1, 2010. Conditions were removed and consideration of $2,500,000 was received on June 1, 2010.
The transaction was part of the previously announced sale of assets to subsidiaries of Powell Industries, Inc. (NASDAQ: POWL) of Houston Texas, and was subject to escrow until several Republic of Kazakhstan regulatory approvals were received. "This is one more of the components of the transaction completed and closed," said Larry Patriquin, PetroCorp's President and CEO, "and we will continue working to fully complete this transaction as rapidly as possible," he concluded.
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.
SOURCE PETROCORP GROUP INC.
For further information: For further information: Ian Hogg, Investor Relations, at (780) 822-6753; or Randy Fries, Interim Chief Financial Officer at (780) 822-6752