Petrohunter said Pearl would pay up to $30 million for the properties, including $7.5 million in cash, $10 million in Pearl shares and a further $12.5 million in cash once production from the assets hits 5000 barrels of oil per day or proven reserves total 50 million barrels of oil per day.
Petrohunter said it was spinning off its heavy oil assets in order to concentrate on its assets in the western Colorado Piceance basin and in Australia.
