Petromet sells 50% stake in Rambler

Newfoundland Exploration (TSE) has acquired the remaining 50% interest in the Rambler property near Baie Verte, Nfld., from its former joint venture partner, Petromet Resources (TSE).

To satisfy the $2.1-million acquisition cost, Newfoundland Exploration issued 5.47 million shares to Petromet. The former partner now holds about 45% of the common shares of Newfoundland Exploration.