CALGARY, ALBERTA–(Marketwired – June 17, 2015) – Terra Energy Corp. (TSX:TT) (“Terra” or the “Company”) is pleased to announce the final director election results from its 2015 annual and special meeting of shareholders (AGM) held on June 16, 2015. A ballot was conducted with respect to the election of the directors to hold office until the next annual meeting of shareholders. According to the proxies received and ballots cast, the following directors were elected to hold office until the next annual meeting of shareholders or until their successors are elected or appointed, unless such office is earlier vacated in accordance with the by-laws of the Company:
|Nominee||# Votes For||% Votes For||# Votes Withheld||% Votes Withheld|
|Ralph G. Evans||40,799,604||57.59||30,047,141||42.41|
|Colin P MacDonald||40,747,104||57.51||30,099,641||42.49|
|Cas H. Morel||40,321,103||56.93||30,509,642||43.07|
|Robert D. Penner||40,971,704||57.83||29,875,041||42.17|
|Brian A. Yaworski||40,746,704||57.51||30,100,041||42.49|
In addition to the election of directors, the Company wishes to announce the appointment of Mr. Brian A. Yaworski Q.C., as its new Chairman of the Board of Directors. Mr. Yaworski is a partner in the Calgary office of the international law firm of DLA Piper (Canada) LLP and has been a director of Terra Energy since May, 2010.
At a meeting of the Directors following the AGM the Board established a committee of independent directors to review and evaluate possible opportunities to enhance shareholder value including the sale of oil and gas properties, entering into strategic alliances, mergers, restructuring or recapitalization of the corporation.
Mr. Yaworski stated “Under the current market conditions, the Company requires capital to further advance its business plan and grow value for shareholders. Terra will reach out and consider all opportunities to raise capital through the monetization of some or all of its assets, entering into strategic alliances and joint ventures, or through a restructuring arrangement of the Company.”
Terra is a junior oil and gas company engaged in the exploration for, and the development and production of, natural gas and oil in Western Canada. Terra’s common shares trade on the Toronto Stock Exchange under the symbol “TT”.
Terra Energy Corp.
Vice President of Finance, & Chief Financial Officer