CALGARY, ALBERTA–(Marketwired – June 3, 2016) – Anterra Energy Inc. (“Anterra” or the “Company”) (TSX VENTURE:AE.A) announces that the Court of Queen’s Bench of Alberta, Judicial Centre of Calgary (the “Court”) has granted an extension until August 16, 2016 of the initial Order granted on May 6, 2016 pursuant to which Anterra was granted creditor protection under the Companies’ Creditors Arrangement Act (Canada) (the “CCAA”). The extension was supported by PricewaterhouseCoopers Inc., the Court-appointed Monitor of Anterra’s CCAA process.
The Company has arranged an interim, first-priority loan with a related party, in the principal amount of $2.5 million (the “Loan“) to fund the CCAA Proceedings, expenditures required to bring Anterra’s oilfield operations back online and general operations. Additionally, the Loan will facilitate the preparation and filing of the Company’s outstanding annual and interim financial disclosures, revocation of cease trade orders issued against the Company by the Alberta, British Columbia and Ontario Securities Commissions, and reinstatement of trading on the TSX Venture Exchange.
Anterra also announces that Ms. Juan (Kiki) Wang has resigned from the board of directors of the Company effective immediately. Management and the Board of Directors of Anterra wishes to thank Ms. Wang for her contributions to the Company.