CALGARY, Aug. 12, 2013 /CNW/ – PanTerra Resource Corp. (“PanTerra” or the “Company“) is pleased to announce that it has closed the final tranche of its previously announced sale of 60% of the Company’s working interest in its Carrot Creek Cardium assets located in central Alberta for an aggregate purchase price of $3,396,488. For further information regarding the sale of the Carrot Creek assets please see the Company’s news releases dated June 4, 2013, July 14, 2013, July 18, 2013 and July 26, 2013.
As previously announced, the proceeds of the disposition have been applied to eliminate all outstanding payables and to reduce indebtedness under PanTerra’s outstanding credit facilities.
Further, the Company wishes to advise that the installation of the new Tomahawk gas gathering system is proceeding, Phase II of the Carrot Creek Enhanced Oil Recovery Scheme and Battery Upgrade have been implemented and the Company is in the process of acquiring two additional drilling locations at its Tomahawk and Tomahawk West properties which will spud this fall.
About PanTerra
PanTerra is a diversified junior public oil and gas company listed on the TSX Venture Exchange (“TSXV“) under the symbol “PRC”, with holdings in both conventional and unconventional projects in Western Canada that have excellent optimization and exploitation potential. Company information can be found at: www.panterraresource.com.
Neither the 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.
SOURCE PanTerra Resource Corp.
For further information:
Fred P. Rumak P.Geol.
President and C.E.O. at 403-261-5900
Email: fred@panterraresource.com
or Jake Pronk P. Geol
V.P. Exploration at 403-261-5900
Email: jake@panterraresource.com