Anterra Energy Announces Joint Venture with Reece Energy



    
    TSXV Symbol: AE.A and AE.B

    32,169,040 Class A Shares
    753,014 Class B Shares
    

    CALGARY, Aug. 12 /CNW/ - Anterra Energy Inc. ("Anterra" or the "Company")
is pleased to announce today that it has entered into a Joint Venture with
Reece Energy Exploration Corp (TSX Venture Exchange - RXR) ("Reece") with the
signing of three separate agreements ("the Agreements"). Under the terms of
the agreements Reece will invest $3.5 million, primarily in the drilling,
completion, fracture stimulation and equipping of horizontal wells on
Anterra's lands at Frontier in south western Saskatchewan through development
drilling in the Lower Shaunavon formation.
    "We now have six Upper Shaunavon vertical oil producers on the Frontier
property and these wells have given us good geologic control over the extent
of both the Upper and Lower Shaunavon formations", said Owen Pinnell, Chairman
and CEO. "Vertical wells however are small producers and the true potential of
the field lies in improving the production potential of both the Upper and
Lower Shaunavon formation through horizontal development. Reece has had
success with horizontal wells and multi-stage completions on several projects
in Saskatchewan and brings this knowledge and experience to the Frontier
project". Pinnell continued, "A successful horizontal completion in the Lower
Shaunavon will deliver significant incremental reserves and give us the
confidence to embark on a more ambitious development program".
    The Agreements create an area of mutual interest ("AMI") between Reece
and Anterra covering twenty townships. Pursuant to the terms of the
Agreements, once Reece has fulfilled its earning obligations, Reece will have
earned fifty (50%) percent of Anterra's interest in all available mineral
rights, including existing production in the Upper Shaunavon, as well as the
Lower Shaunavon rights on approximately 1,500 net acres. Reece and Anterra
have agreed that Reece will operate the drilling and completion of all new
wells drilled on the joint venture lands. The earning obligations of the
Agreements are expected to commence immediately with completion anticipated by
December 31st, 2008.

    About Anterra Energy

    Anterra Energy is an emerging energy company with a balanced portfolio of
conventional and non conventional oil and gas exploration and development
projects. Complementing this strong exploration and development focus, the
Company owns and operates oil and gas production and associated 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

    Forward-Looking Information

    This news release contains forward-looking information related to the
Company's planned drilling program, production and operating costs. These
statements are based on current expectations that involve a number of risks
and uncertainties, which 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; health, safety
and environmental risks; and the uncertainty of dealing with government and
obtaining regulatory approvals). 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.
    In addition, the term BOE or BOEs 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.

    
    Reader Advisory

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

    %SEDAR: 00025272E




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: pinnello@anterraenergy.com; Bill Johnson, President and
Chief Operating Officer, Anterra Energy Inc., Tel: (403) 215-2384, Facsimile:
(403) 261-6601, E-mail: johnsonb@anterraenergy.com

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ANTERRA ENERGY INC.

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