ENP Newswire -
Release date- 22082014 -
The financial statements and MD&A will be available for review at www.sedar.com.
Completed the recapitalization of the Corporation on
The new management team is led by
The board of directors of PanTerra is now comprised of
Completed a private placement of subscription receipts for total gross proceeds of
Net proceeds after the 5.5% underwriter fee and other issue costs was
Completed the acquisition of natural gas assets located in the areas of Lynx/Palliser/Minnow and Ojay/Copton/Findley in
This acquisition adds approximately 36,918 net acres of developed land and 99,390 net acres of undeveloped land and includes producing infrastructure. The Corporation has an average 60% working interest in the acquired lands, ownership in 560 km of sweet and sour natural gas pipelines as well as working interests in nine gas processing facilities in the region. Estimated production of these producing assets on closing was 5900 to 6000 boe/d.
Entered into a new credit agreement with a Canadian chartered bank with respect to new credit facilities consisting of: (i) a
Completed a second acquisition of natural gas assets located in the Copton and Narraway areas of the
Set the record date of
Every eight rights will entitle the holder to purchase one common share at
Assuming completion of Panterra's proposed acquisition announced on
The Proposed Acquisition contains 11% liquids production with low declines of around 9% to10%. Upon closing of the Proposed Acquisition, Panterra's overall corporate decline rate is anticipated to be approximately 17%. The Corporation anticipates commencement of drilling operations in Q1, 2015.
The program is expected to be preceded with a completion/optimization program that is anticipated to begin in October, 2014. Information respecting projected production rates and cash flows will be provided once such information has been determined by management, which is expected to be in early Q4, 2014.
PanTerra is a diversified junior public oil and gas company listed on the TSXV under the symbol 'PRC', with holdings in both conventional and unconventional projects in
Corporation information can be found at: www.panterraresource.com
President and CEO
Forward-Looking and Cautionary Statements
This news release may include forward-looking statements including opinions, assumptions, estimates, and, more particularly, statements concerning use of working capital for acquisitions and future development of the Corporation's assets. When used in this document, the words 'will,' 'anticipate,' 'believe,' 'estimate,' 'expect,' 'intent,' 'may,' 'project,' 'should,' and similar expressions are intended to be among the statements that identify forward-looking statements.
These include, but are not limited to, the completion of the proposed acquisition, the anticipated commencement of drilling operations in Q1, 2015 and the preceding completion and optimization program in October, 2014. Forward-looking statements are subject to a wide range of risks and uncertainties, and although PanTerra believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized.
Any number of important factors could cause actual results to differ materially from those in the forward -looking statements including, but not limited to, regulatory and third party approvals not being obtained in the manner or timing anticipated, the ability to implement corporate strategies, the state of domestic capital markets, the ability to obtain financing, changes in general market conditions and other factors more fully described from time to time in the reports and filings made by PanTerra with securities regulatory authorities.
Except as required by applicable laws, PanTerra does not undertake any obligation to publicly update or revise any forward looking statements.
Most Popular Stories
- Study: Recessions Can Postpone Motherhood Forever
- Tim Cook Has Proved That Apple is His Baby
- Hispanic Entrepreneurs Short-changed in Texas
- China Approves iPhone 6 After Security Assurances
- U.S. Home Prices Rose at Slowest Pace in 20 Months
- Meet the YouTube Tech Review Sensation
- Who Is Daniel Ivascyn?
- PBS Series Examines America's Demographic Shift
- Hispanics Carry Big Clout: Census
- Netflix Eyes Hollywood With Feature Film