Attention Business/Financial Editors:
Anterra Energy Inc Financial and Operating Results For the Six Months Ended June 30, 2010
CALGARY, Aug. 30 /CNW/ – Anterra Energy Inc (TSXV: AE.A) (“Anterra” or the “Company”) announces its financial and operating results for the six
months ended June 30, 2010. The full text of the Company’s consolidated financial statements 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.
Second Quarter Review
– During the second quarter of 2010, the Company reviewed its management requirements with a view to developing effective communication protocols and procedures with its Beijing based directors and investment group. As a result, Gang Fang, Ph.D. of Beijing was appointed as Chief Executive Officer of the Company. Mr. Fang is in the process of relocating to Calgary.
– Also during the quarter, the Company completed the licensing process for the drilling of its first horizontal Cardium well in the Pembina area on Section 17, Township 45, and Range 5W5M. This well is scheduled to commence drilling prior to the end of the third quarter, subject to the Company finding a joint venture partner.
With conventional production from the Company’s legacy assets continuing to decline, Anterra will rely on production growth from its higher impact
resource projects in central Alberta and Saskatchewan to create value. In the Pembina area, the Company intends to joint venture the drilling of the first horizontal Cardium well before preparing a development plan for the seven sections of land it holds in the area. The Company is also considering the drilling of a horizontal Belly River well on its Breton property. In Saskatchewan, the Company continues to seek a partner to participate in a 3-D
seismic program on its 17 section block of Bakken lands in the Abbott area.
The management and directors of Anterra appreciate the patience and support of shareholders while plans are developed for the Company’s resource
properties. Management is committed to achieving per share growth for investors, through the drilling of high quality, repeatable low risk resource
projects targeting primarily oil.
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.
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. This news release contains certain forward-looking statements, including statements regarding future operations, which include assumptions with respect to production, future capital expenditures, financing plans and funds flow
from 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, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain 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, increased competition, 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. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements.
Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. The terms bbls, bbls/d, boe, boes or boes/d may be misleading, particularly if used in isolation. A boe (barrel of oil equivalent) conversion ratio of 6 mcf per one (1) boe is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
/For further information: Gang Fang, Chief Executive Officer, Anterra
Energy Inc., Telephone: (403) 215-2383, Facsimile: (403) 261-6601, E-mail:
FangG(at)anterraenergy.com; Bill Johnson, President and Chief Operating Officer,
Anterra Energy Inc., Telephone: (403) 215-2384, Facsimile: (403) 261-6601,
CO: Anterra Energy Inc.
CNW 18:31e 30-AUG-10