Providence Resources, Inc. (OTCPK:PVRS) entered into letter agreement to acquire 50% stake in two oil and gas exploration government issued permits and one application for a permit on property from Paltar Petroleum Limited for $0.18 million on December 12, 2013. As consideration, Providence Resources will issue its 17.3 million shares representing 50% of outstanding shares to Paltar. Providence further agreed to arrange certain bridge funding for Paltar in the aggregate amount of approximately $0.66 million. Post- completion, Marc Bruner will be appointed as Chief Executive Officer and Christian Russenberger will resign from Providence Board. The transaction will close upon the conclusion of due diligence inquiries; execution of definitive documentation, approval by the shareholders of Paltar Petroleum Limited and Providence Resources, resolution by the Board of Providence Resources and completion of a separate transaction involving bridge loans having been advanced to Paltar Petroleum. The deal is expected to close by April 2014.

Providence Resources, Inc. (OTCPK:PVRS) cancelled the acquisition of 50% stake in two oil and gas exploration government issued permits and one application for a permit on property from Paltar Petroleum Limited on December 12, 2014.