Timberline Resources Completes Definitive Agreement To Sell Its Contract Drilling Subsidiary for $13M
Timberline Resources Corporation (NYSE: TLR) announced today that it has completed the negotiations and executed the definitive agreement for the sale of its wholly-owned contract drilling subsidiary, Timberline Drilling, Inc.. The sale, which is expected to close within the next week, is to a private company formed by a small group of investors, including TDI's current senior management team. No management or directors of Timberline Resources are affiliated with the buyer.
The sale is valued at over $13 million.
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