CALGARY, ALBERTA–(Marketwired – May 29, 2013) – Anterra Energy Inc. (TSX VENTURE:AE.A) (“Anterra” or the “Company”) today released its financial results for the three months ended March 31, 2013. The full text of the Company’s consolidated financial report and related management’s discussion and analysis (“MD&A”) can be found at www.sedar.com and on the Company’s website at www.anterraenergy.com.
Banking: Effective May 6, 2013, the Company’s lender increased the credit facilities for Anterra. The revolving operating demand loan has been increased from $12 million to $15 million and the non-revolving acquisition/demand loan has been increased from $3 million to $ 5 million.
Equity Financing: On May 24, 2013, Anterra signed a letter of intent with a Hong Kong based investment group (the “Investor”) for a $7 million private placement of common equity priced at $0.066 per share. This private placement is in addition to the $7 million financing with LandOcean of Beijing which closed on April 5, 2013. The financing is subject to several conditions including compliance with all Canadian rules and regulations, TSX Venture Exchange approval and the allocation of one board seat for the Investor.
Operating Update: The Company continues to pursue a growth orientated plan for its midstream and oil and gas producing assets. This includes a $3 million expansion of its midstream facilities at Breton and a thorough review and analysis of the reservoir characteristics and development potential of all producing properties in western Canada (being carried out by LandOcean of Beijing, China). The Company is currently producing approximately 500 boepd.
Acquisitions and Mergers: Following the successful completion of the acquisition of Terrex Energy Inc., the Company plans to pursue an active program to acquire assets or merge with other companies utilizing its evolving financial strength.
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.
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.
Anterra Energy Inc.
Chief Executive Officer
(403) 261-6601 (FAX)