Anterra Energy Inc Operational Update and Management Changes
October 08 2010 - 5:57PM
PR Newswire (Canada)
CALGARY, Oct. 8 /CNW/ -- 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).
MANAGEMENT CHANGES 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. CLARIFICATION 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. %SEDAR: 00025272E Gang Fang, Chief Executive Officer, Anterra
Energy Inc., Telephone: (403) 215-2383, Facsimile: (403) 261-6601,
E-mail: FangG@anterraenergy.com; Owen Pinnell, Chairman and
director, Anterra Energy Inc., Telephone: (403) 215-2427,
Facsimile: (403) 261-6601, E-mail: pinnello@anterraenergy.com
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