TSXV Symbol: AE.A
244,488,032 Class A Shares
CALGARY, Feb. 22 /CNW/ - Anterra Energy Inc. ("Anterra" or the "Company") is pleased to provide this update on recent land acquisition activities and drilling activities.
In Anterra's area of Breton-Buck Lake the Company now holds 4 sections of land (2,560 acres) over the evolving Cardium light oil play in the area following acquisition of two additional sections at a recent crown land sale. These lands are within an area where industry operators have drilled a number of successful wells. Management is presently assessing its drilling plans for the Cardium within the lands and anticipates making further announcements in the near future. The lands are also prospective for Viking oil and gas and add considerably to the Company's Cardium and Viking horizontal well drilling inventory in the area.
In Saskatchewan, the Company has recently acquired an additional 7,526 net acres of crown lands. The Company now holds a 15 2/3 section block (10,026 net acres) which is prospective for Bakken oil and Mississippian oil. Anterra plans a 3-D seismic program over the lands during the summer with drilling of the first Bakken well scheduled for the fall of 2010.
In regard to recent drilling activities, the Company advises that at Matziwin in Alberta, the short leg horizontal oil well drilled by a joint venture partner at LSD 5-15-23-14W4M (40% interest before payout, 45% interest after payout) has been placed on production. The well is producing an estimated 5m(3) per day of fluid with an 85% oil cut. The Company is evaluating subsequent locations on the Matziwin lands.
In Saskatchewan, the 100% interest horizontal Lower Shaunavon well at LSD 4-12-2-21W3M in the Claydon area was drilled and abandoned with further drilling on the 12 section southern block of land now needed to define the extent of the resource. At Frontier, an unsuccessful attempt was made to clean out sand and debris from the horizontal leg of the Lower Shaunavon well at LSD15-07. Half of the horizontal leg remains obstructed. The well has now been returned to production.
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 production, future capital expenditures and financing plans. 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, the ability of the Company to reach settlement with certain of its creditors, 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 therefrom. 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.
SOURCE ANTERRA ENERGY INC.
For further information: For further information: Owen C. Pinnell, Chairman and Chief Executive Officer, Anterra Energy Inc., Telephone: (403) 215-2427, Facsimile: (403) 261-6601, E-mail: email@example.com; Bill Johnson, President and Chief Operating Officer, Anterra Energy Inc., Telephone: (403) 215-2384, Facsimile: (403) 261-6601, E-mail: firstname.lastname@example.org