Anterra Energy Announces Closing of $12 Million Nipisi Property Acquisition
December 19 2013 - 8:00AM
Marketwired
Anterra Energy Announces Closing of $12 Million Nipisi Property
Acquisition
CALGARY, ALBERTA--(Marketwired - Dec 19, 2013) - Anterra Energy
Inc. ("Anterra" or the "Company") (TSX-VENTURE:AE.A)(OTCQX:ATERF)
is pleased to announce the closing of its previously announced
arm's length property acquisition in the Nipisi area of north
central Alberta.
On December 18, 2013, the Company closed the acquisition of
producing oil properties in the Nipisi area of north central
Alberta, announced on November 25, 2013, for a cash consideration
of $12.2 million. The acquisition includes an approximate 88%
working interest in 5,920 gross developed acres of land, including
infrastructure and 17 producing oil wells, producing approximately
400 boe/d (94% light oil) net to the Company. Anterra has funded
the acquisition through its existing credit facilities. The vendor
is a publicly-traded intermediate Canadian producer of oil and
natural gas. The acquisition is effective as of August 1, 2013.
"This acquisition is consistent with our objective to build our
production and reserve base in Western Canada and almost doubles
our current production," stated Dr. Gang Fang, CEO of Anterra.
"Looking ahead, we continue to evaluate opportunities to further
expand our asset base, increase our production and add to our
inventory of development opportunities."
In addition to stable low decline production, the Nipisi
property provides Anterra with development opportunities through
modification of the existing waterflood program and potentially
following-up on an encouraging microbial enhanced oil recovery
("MEOR") pilot scheme initiated by the vendor.
About Anterra Energy Inc.
Anterra is an independent oil focused junior exploration and
production company with an expanding presence in the Western
Canadian Sedimentary Basin. The Company is actively engaged in the
acquisition, development and production of oil and natural gas
complemented by the operation of fee-based midstream facilities.
The Company is a public Canadian company listed on the TSXV under
the symbol "AE.A" and traded on the OTCQX International under the
symbol "ATERF". Additional information is available on the
Company's website at www.anterraenergy.com.
Reader Advisories
Neither the 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.
Forward-Looking Information
This News Release contains forward-looking statements or
information (collectively referred to herein as "forward-looking
statements") regarding the anticipated benefits of the proposed
acquisition to Anterra
This News Release also contains forward-looking statements
regarding development opportunities through modification of the
waterflood program and MEOR potential.
The forward-looking statements contained in this News
Release are based on Anterra management's current beliefs as well
as assumptions made by, and information currently available to,
Anterra management concerning anticipated business
conditions.
Forward-looking statements are not guarantees of future
performance and the reader should not place undue reliance on these
forward-looking statements as there can be no assurances that the
assumptions, plans, initiatives or expectations upon which they are
based will occur. In addition, the forward-looking statements are
subject to known and unknown risks, uncertainties and other factors
that could cause the actual results, performance or achievements of
the Company to be materially different from any future results,
performance or achievements expressed or implied by forward-looking
statements. Such factors include, among others: general economic
and business conditions; the price of and demand for oil and
natural gas and their effect on the economics of oil and gas
exploration; actions by governmental authorities; and, changes in
government regulations and the expenditures required to comply with
them (including, but not limited to, the changes in taxes or the
royalty or other share of production taken by governmental
authorities). Should one or more of these risks or uncertainties
materialize, or should any of the Company's assumptions prove
incorrect, actual results may vary in material respects from those
projected in the forward-looking statements. Readers are cautioned
that the foregoing list of risks, uncertainties and other factors
is not exhaustive. Unpredictable or unknown factors not discussed
could also have material adverse effects on forward-looking
statements. The impact of any one factor on a particular
forward-looking statement is not determinable with certainty as
such factors are dependent on other factors, and the Company's
course of action would depend on its assessment of the future
considering all information then available. All forward-looking
statements in this News Release are expressly qualified in their
entirety by these cautionary statements. Except as required by law,
the Company assumes no obligation to update forward-looking
statements should circumstances or management's estimates or
opinions change.
BOE Conversion
Certain natural gas volumes have been converted to barrels
of oil equivalent ("boe") using six thousand cubic feet ("mcf") of
gas equal to one barrel ("bbl") of oil unless otherwise stated.
This conversion ratio is based on an energy equivalency conversion
method primarily applicable at the burner tip and does not
represent a value equivalency at the wellhead. Such disclosure of
boes may be misleading, particularly if used in isolation.
Anterra Energy Inc.Gang FangChief Executive Officer(403)
215-2383fangg@anterraenergy.comAnterra Energy Inc.Owen C.
PinnellChairman(403)
215-2427pinnello@anterraenergy.comwww.anterraenergy.com