CALGARY, ALBERTA -- (Marketwire) -- 02/14/13 -- Anterra Energy Inc. (TSX VENTURE: AE.A) ("Anterra" or the "Company") announces that it has been advised by Terrex Energy Inc. ("Terrex") that the information circular respecting the proposed arrangement (the "Arrangement"), whereby Anterra will acquire 100% of the issued and outstanding common shares of Terrex, is expected to be mailed to the holders of Terrex shares and warrants on or about February 19, 2013. The special meeting of Terrex securityholders (the "Meeting") is scheduled to be held on March 13, 2013, and the closing of the transaction is expected to occur on or about March 14, 2013. The Company will provide a further update on the details of the transaction when mailing of the information circular has occurred.
Anterra also announces it has filed restated financial statements, and the related management's discussion and analysis, for the three and nine months ended September 30, 2012. Subsequent to the issuance of the 2012 third quarter financial report, Anterra determined that an error in the measurement of the deferred tax expense (recovery) existed in the comparative information presented in the financial report. The result of the error is that deferred income tax recovery and net income for the three and nine months ended September 30, 2011 was overstated by $131,591 and $664,384, respectively. There was no impact to net cash from operating activities. These error corrections had been incorporated in Anterra's annual audited financial statements for the year ended December 31, 2011. The full text of Anterra's restated consolidated financial report and related management discussion and analysis can be found at www.sedar.com and on Anterra's website at www.anterraenergy.com.
Anterra also advises that since first production on December 28, 1012, the Pembina Buck Lake LSD 09-17 Cardium well has produced 14,141 barrels of oil equivalent (boe). The well continues to flow at average rates of 185 barrels of oil equivalent per day (boepd) comprised of 90 barrels of oil and 570 mcf of gas per day at a tubing pressure of 1400 kpa. Anterra holds a sixty percent (60%) working interest in the well and the balance of Section 17.
At Abbott in south east Saskatchewan, the Company's Bakken test well at LSD 16-35-07-18W2M has reached core point. Following coring of an 18 meter section through the Bakken the well will be drilled to the Duperow formation. Following logging and coring, the Company will make a decision on whether to re-enter the well and drill the horizontal leg. Anterra has farmed out the test well and retains a fifty percent (50%) working interest in the test well and the adjoining 26 sections of land following the expenditure by its joint venture partner of $2 million.
About Anterra Energy Inc.
Anterra Energy is an independent exploration, development and production company with an emerging focus on the use of advanced exploration technologies including 3-D imaging, horizontal drilling and multi-stage completions to systematically develop its portfolio of conventional and non-conventional oil and gas projects. Complementing this strong exploitation and development focus, the Company owns and operates fee-based midstream facilities in western Canada. Anterra is a public Canadian company listed on the TSXV under the symbol AE.A. More information about Anterra is available on the Company's website at www.anterraenergy.com.
Forward-Looking Information and Cautionary Statements
This press release contains forward-looking information and statements within the meaning of applicable securities laws and are based on the expectations, estimates and projections of management of Anterra as of the date of this news release unless otherwise stated. More particularly and without limitation, this press release contains forward-looking information and statements concerning: the timing and anticipated receipt of required regulatory, court and securityholder approvals for the transaction; the ability of Anterra and Terrex to satisfy the other conditions to, and to complete, the Arrangement; the anticipated timing of the holding of the Terrex Meeting and the closing of the Arrangement and management's assessment of future plans and operations and capital expenditures and timing thereof.
In respect of the forward-looking information and statements concerning the anticipated timing for completion of the Arrangement, Anterra has provided such in reliance on certain assumptions that it believes are reasonable at this time, including assumptions as to the ability of Anterra and Terrex to receive, in a timely manner, the necessary government, regulatory, court, securityholder, stock exchange and other third party approvals; the ability of Anterra and Terrex to satisfy, in a timely manner, the other conditions to the closing of the Arrangement. The anticipated dates provided may change for a number of reasons, including inability to secure necessary securityholder, government, regulatory, court or other third party approvals in the time assumed or the need for additional time to satisfy the other conditions to the completion of the Arrangement. Accordingly, readers should not place undue reliance on the forward-looking information and statements contained in this press release.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Anterra Energy Inc.
Chief Executive Officer
(403) 261-6601 (FAX)
Anterra Energy Inc.
Owen C. Pinnell
(403) 261-6601 (FAX)
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