CALGARY, ALBERTA -- (Marketwire) -- 03/15/13 -- Anterra Energy Inc. ("Anterra" or the "Company") (TSX VENTURE: AE.A) and Terrex Energy Inc. ("Terrex") (TSX VENTURE: TER) are pleased to announce the completion of the previously announced business combination by way of a court and securityholder approved, statutory plan of arrangement (the "Arrangement").
Effective March 14, 2013, Anterra acquired 100% of the issued and outstanding common shares in the capital of Terrex ("Terrex Shares"), in exchange for Class A common shares in the capital of Anterra ("Anterra Shares"). Accordingly, trading in the Terrex Shares has been halted, pending delisting from the TSX Venture Exchange.
Under the terms of the Arrangement, holders of Terrex Shares have received, in exchange for each Terrex Share held, 0.307 of an Anterra Share. Anterra also announces completion of the settlement arrangements with Sandstorm Metals & Energy Ltd. and 0905896 BC Ltd. (collectively, "Sandstorm") on the terms previously disclosed. Under the Arrangement and the settlement with Sandstorm, Anterra has issued an aggregate of approximately 34 million Anterra Shares.
Pursuant to the Arrangement, Anterra has acquired Terrex's 100% working interest development properties at Two Creek and Strathmore, Alberta, comprised of approximately 8,200 acres of land and related infrastructure, with average February 2013 production of approximately 165 boe per day. When combined with Anterra's core assets in the Cardium light oil resource play and the Breton Belly River exploitation project in the Pembina area of central Alberta and the Bakken light oil play in Abbott, Saskatchewan, the combined company has a lower risk "oily" development drilling inventory. In addition, the combined company intends to look for opportunities to acquire stable, low decline assets with attractive netbacks.
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 as of the date of this news release unless otherwise stated. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this press release contains forward-looking information and statements concerning: the anticipated benefits of the Arrangement to Anterra and Terrex and their respective shareholders, including anticipated synergies; Anterra's intention to seek out acquisition opportunities; and the anticipated cash flow of the combined company post-Arrangement.
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