By CALGARY, ALBERTA - January 16, 2013. Anterra Energy Inc. ("Anterra" or the "Company") announces that the horizontal Cardium well at LSD 09-17-45-5W5M in the Pembina (Buck Lake) area of Alberta was placed on production on December 28, 2012. The well continues to flow and, for the first 14 days of January, produced at average rates of 470 barrels of oil equivalent per day (boepd) comprised of 300 barrels of oil and 1,015 mcf of gas per day. As of January 15, 2013, the well continues to produce approximately 385 boepd at a tubing pressure of 3,000 kpa. Anterra holds a sixty percent (60%) working interest in the well and the balance of Section 17. Initial production levels for this well may not be reflective of sustainable production rates and future production rates may differ materially from the production rates reflected in this press release.
At Abbott in south east Saskatchewan, the Company plans to commence drilling of a Bakken test well at LSD 16-35-07-18W2M before the end of February. 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.
Anterra also advises that, further to its press release of December 21, 2012, Anterra has now signed an investment agreement with Landocean Energy Services Co. Ltd ("Landocean") of Beijing, China under the terms of which Landocean will invest $7 million (the "Investment") into Anterra and shall obtain 107,692,308 Class A shares at a price of $0.065 per share. Upon closing of the Investment, Landocean shall hold 30.41% of Anterra's outstanding Class A shares and shall be entitled to appoint two additional directors to Anterra's board. Subject to regulatory approval, the Investment is expected to close before the end of March 2013.
About Anterra Energy
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.
For further information, please contact:
Gang Fang
Chief Executive Officer | Owen C. Pinnell
Chairman |
Reader Advisory:
This news release contains certain forward-looking statements, which include assumptions with respect to future operations. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. All such forward-looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control. Such risks and uncertainties include, without limitation, risks associated with oil and natural gas exploration, development, exploitation, production, marketing and transportation, volatility of commodity prices, availability of drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada and the United States, industry conditions, changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, and stock market volatility. The Company's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits, including the amount of proceeds, the Company will derive there from. Readers are cautioned that the foregoing list of factors is not exhaustive.
BOE's may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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