Attention Business Editors:
Anterra Energy Inc Operational Update and Management Changes
CALGARY, Oct. 8 /CNW/ – Anterra Energy Inc (TSXV: AE.A) (“Anterra” or the “Company”) announces that it intends to commence drilling its first horizontal Cardium well in the Buck Lake area at LSD 01-17-45-5W5M before the end of October 2010. Anterra will pay forty (40%) percent of the costs of drilling and completing the well while two entities have agreed to farm in and will pay for the remaining sixty (60%) percent of the well, one of which is an industry partner and one of which is a limited partnership formed by a director of the Company. Following drilling and completion, Anterra will own a sixty (60%) percent working interest in the well and in the balance of Section 17. Anterra estimates the completed well cost at $3.5 million (gross).
Anterra also announces that Giles Parker the Company’s Chief Financial Officer (CFO) and Bill Johnson the Company’s Chief Operating Officer (COO)
have resigned, effective October 31, 2010. We wish both Giles and Bill the best of luck in their future endeavors. Anterra will be announcing
replacements for these positions shortly.
As previously disclosed on July 14, 2010 (and in Anterra’s second quarter MD&A), as part of an arrangement to restructure executive management and
retain the services of certain officers, the Company agreed to issue 600,000 Class A Shares, at a price of $0.10 per share, to two officers of the Company and agreed to pay certain employees approximately $328,000 in aggregate compensation, in order to satisfy the obligations under the provisions of the employment agreements.
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, which include assumptions with respect to future capital expenditures. 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, 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, 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, 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.
/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; Owen Pinnell, Chairman and director, Anterra Energy
Inc., Telephone: (403) 215-2427, Facsimile: (403) 261-6601, E-mail:
CO: Anterra Energy Inc.
CNW 17:57e 08-OCT-10