CALGARY, Aug. 6, 2014 /CNW/ – PanTerra Resource Corp. (“PanTerra” or the “Corporation“) (TSX VENTURE: PRC) is pleased to announce that it has closed its previously announced acquisition of certain natural gas assets located in the Western Canadian foothills areas of Copton and Narraway, Alberta, effective June 1, 2014, for a purchase price of $2.4 million, subject to adjustments (the “Acquisition“). The Acquisition adds approximately 120 BOE per day (100% natural gas) of production to the Corporation’s portfolio.
About PanTerra
PanTerra is a junior public oil and gas company listed on the TSX Venture Exchange under the symbol “PRC”, with conventional and unconventional assets in Western Canada. The technical team has worked together for over a decade in the Foothills Region of Western Canada, through two successful, publicly traded companies. The unique skills and repeat success at exploiting a complex, potentially prolific play type are fundamental ingredients for a successful growth-oriented company in Western Canada. Corporation information can be found at: www.panterraresource.com.
Caution Respecting BOE
In this press release, the abbreviation BOE means a barrel of oil equivalent derived by converting gas to oil in the ratio of 6 Mcf of gas to 1 bbl of oil (6 Mcf:1 bbl). BOEs 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. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6 Mcf:1 bbl, utilizing a conversation ratio on a 6 Mcf of gas to 1 bbl of oil basis may be misleading as an indication of value.
SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION
This press release contains certain statements or disclosures relating to PanTerra that are based on the expectations of PanTerra as well as assumptions made by and information currently available to PanTerra which may constitute forward-looking information under applicable securities laws. All such statements and disclosures, other than those of historical fact, which address activities, events, outcomes, results or developments that PanTerra anticipates or expects may, or will occur in the future (in whole or in part) should be considered forward-looking information. In some cases, forward-looking information can be identified by terms such as “forecast”, “future”, “may”, “will”, “expect”, “anticipate”, “believe”, “potential”, “enable”, “plan”, “continue”, “contemplate”, “pro-forma”, or other comparable terminology. Many factors could cause the performance or achievement by PanTerra to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. The Corporation is not under any duty to update any of the forward-looking statements after the date of this press release or to conform such statements to actual results or to changes in the Corporation’s expectations and the Corporation disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
SOURCE PanTerra Resource Corp.
For further information: PanTerra Resource Corp., Tim de Freitas, President and CEO, 403-261-5902, 403-261-5900; PanTerra Resource Corp., Carrie McLauchlin, VP Finance & CFO, 403-261-5902, 403-261-5900; PanTerra Resource Corp., 400, 540 – 5 th Ave. S.W., Calgary, AB, T2P 0M2, 403-261-5902, 403-261-5900, www.panterraresource.com