Claren Energy Corp. and Terra Nova Resources Inc. announced that they have closed the spin out of Claren's working interests (51.49%) in two onshore petroleum exploration licenses (PELs), being PEL 112 and PEL 444, including a 1.47% overriding royalty interest in the PELs, located on the western flank of the Cooper Eromanga Basin in the State of South Australia, Australia, into Terra Nova (the Arrangement). As part of closing the Arrangement, Mark Lawson was appointed CEO and a director of TNR, Matthew Anderson as CFO, and Nico Civelli and Anthony Alvaro will serve as independent directors.