• Sign up for the Daily Digest E-mail
  • Facebook
  • X
  • LinkedIn

BOE Report

Sign up
  • Home
  • StackDX Intel
  • Headlines
    • Latest Headlines
    • Featured Companies
    • Columns
    • Discussions
  • Well Activity
    • Well Licences
    • Well Activity Map
  • Property Listings
  • Land Sales
  • M&A Activity
    • M&A Database
    • AER Transfers
  • Markets
  • Rig Counts/Data
    • CAOEC Rig Count
    • Baker Hughes Rig Count
    • USA Rig Count
    • Data
      • Canada Oil Market Data
      • Canada NG Market Data
      • USA Market Data
      • Data Downloads
  • Jobs

Terra Energy Corp. Announces Demand by Lender to Repay Outstanding Indebtedness and Notice of Intention to Enforce Security, Employment Terminations and Shut-in of Production

March 18, 20164:30 AM Marketwired

CALGARY, ALBERTA–(Marketwired – March 18, 2016) – Terra Energy Corp. (TSX:TT) (“Terra” or the “Company“) announces that its lender, Canadian Western Bank (“CWB“), has made demand upon Terra, as debtor, and Terra Energy Partnership, Terra’s wholly-owned subsidiaries, Constar Resources Ltd., Noram Energy Worx Inc. and 1289710 Alberta Ltd., as guarantors, (collectively, the “Guarantors“) for payment in full of Terra’s outstanding indebtedness in the aggregate amount of approximately $15.9 million plus accrued interest, costs and fees by Monday, March 28, 2016 at 9:00 a.m. In addition, CWB has provided Terra and each of the Guarantors with a Notice of Intention to Enforce Security pursuant to subsection 244(1) of the Bankruptcy and Insolvency Act (Canada).

The Company has undertaken a process of shutting-in all of its operated/licensed wells and facilities in order to secure and enhance the safety of its operations.

The Company also announces that it has terminated the employment of most of its employees with the exception of personnel engaged in the shutting-in of its operated licensed wells and facilities.

Advisories & Contact

Terra Energy Corp.
Bud Love
Vice President of Finance & Chief Financial Officer
403.699.7777
403.264.7189 (FAX)

Terra Energy

Follow BOE Report
  • Facebook
  • X
  • LinkedIn

Sign up for the BOE Report Daily Digest E-mail

Successfully subscribed

Latest Headlines
  • Discount on Western Canada Select widens
  • European Commission proposes Russian oil price cap 15% below global price
  • US oil/gas rig count down for 11th week to lowest since 2021, Baker Hughes says
  • Taiwan’s CPC Corp eyes US shale gas assets, sources say
  • Saudi Arabia complying fully with voluntary OPEC+ target, energy ministry says

Return to Home
Alberta GasMonthly Avg.
CAD/GJ
Market Data by TradingView

    Report Error







    Note: The page you are currently on will be sent with your report. If this report is about a different page, please specify.

    About
    • About BOEReport.com
    • In the News
    • Terms of Use
    • Privacy Policy
    • Editorial Policy
    Resources
    • Widgets
    • Notifications
    • Daily Digest E-mail
    Get In Touch
    • Advertise
    • Post a Job
    • Contact
    • Report Error
    BOE Network
    © 2025 Stack Technologies Ltd.