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ANTERRA ANNOUNCES CLOSING OF PRIVATE PLACEMENT AND PROVIDES FRONTIER UPDATE

CALGARY, ALBERTA, November 5, 2008 – Anterra Energy Inc. (“Anterra” or “the Company”) is pleased to announce that the Company has closed the fourth and final tranche of its previously announced $2 million flow-through financing (the “Offering”) and completed drilling and completion operations on its first horizontal well at Frontier.

Through the Offering, an aggregate of 5,832,358 Class A shares were issued on a flow-through basis at $0.30 per share for aggregate gross proceeds of $1,749,707.40. The 300,000 Class A shares issued today are subject to a hold period under applicable securities laws of four months, expiring on March 5, 2009. Proceeds will be used to incur Canadian Exploration Expenses, which will be renounced in favour of the subscribers for the 2008 taxation year.

FRONTIER UPDATE

Drilling and completion operations on the Company’s first horizontal well (Anterra 30% carried interest) at Frontier have now been completed. The well, operated and funded by partner Reece Energy Exploration Corp., was drilled vertically to 1,400 metres (4,600 feet) with a horizontal leg of 1,472 metres (4,832 feet) through the Lower Shaunavon formation, with excellent oil shows throughout most of the length. The well was completed with multi-stage packers, and sand fracture stimulations in 10 intervals, along the horizontal length. A total of 300 tonnes of frac sand was successfully placed. Early production results are expected to be available by the end of November 2008.

In October, Anterra announced that the Company has significantly extended its footprint over the strategic Lower Shaunavon play trend by acquiring 12 sections (6 net) of crown land with potential for 5 wells per section, for a total of 70 potential horizontal well locations.

About Anterra Energy

Anterra Energy is an independent exploration, development and production company with an emerging focus on the use of advanced technologies including 3-D imaging, horizontal drilling and multi-stage completions to systematically develop its portfolio of resource projects. Complementing this strong resource exploitation focus, the Company owns and operates fee-based midstream facilities in western Canada. Anterra is a public Canadian company listed on the TSX Venture Exchange under the symbols AE.A and AE.B. More information about Anterra is available on the internet at www.anterraenergy.com

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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This news release contains forward-looking information related to the planned drilling program, production and operating costs.  These statements are based on current expectations that involve a number of risks and uncertainties that could cause actual results to differ from those anticipated. These risks include, but are not limited to, risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of estimates in relation to reserves, production and expenses; and health, safety and environmental risks). Due to the risks, uncertainties and assumptions inherent in forward-looking statements, prospective investors in the company's securities should not place undue reliance on them.