Anterra Energy announces first quarter, 2009 financial results and provides operations update

    TSXV Symbols: AE.A and AE.B
    38,001,398 Class A Shares
    753,014 Class B Shares

    CALGARY, May 29 /CNW/ - Anterra Energy Inc. ("Anterra" or the "Company")
today released its financial and operating results for the three months ending
March 31, 2009. The full text of the Company's unaudited interim financial
statements and related management's discussion and analysis ("MD&A") can be
found at: and on the Company's website at


    -   Funds flow from operations was negative for the quarter at ($143,458)
        down 123% from $618,579 in the first quarter of 2008, as a result of
        weak commodity prices and reduced production during the period. An
        average commodity price of $38.76/boe was realized for the period
        compared to $82.67/boe in the first quarter of 2008.

    -   Average production for the quarter of 184 barrels of oil equivalent
        per day (boepd) compared to average production of 246 boepd in the
        first quarter of 2008.

    -   Net loss was $545,981 for the quarter compared to a loss of $52,764
        for the same quarter a year earlier.

    -   The midstream business delivered first quarter operating margin of
        $129,314, comparable to $135,448 over the same period last year.

    -   Capital investments for the quarter were minimal at $122,340. This
        compares with $2,962,764 of capital expenditure in the first quarter
        of 2008.

    -   With improved commodity prices, funds flow from operations is
        expected to be positive in the second quarter.

    -   The Company has recently entered into a farm out agreement to fund
        the drilling of an infill horizontal well on its Matziwin property
        during June and July.

    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 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 TSX Venture Exchange under
the symbols AE.A and AE.B. More information about Anterra is available on the
internet at

    Reader Advisory:

    This news release contains certain forward-looking statements, which
include assumptions with respect to (i) production; (ii) future capital
expenditures; (iii) funds flow from operations; (iv) cash flow; and (v) debt
levels. 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 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
    Funds flow from operations is not a recognized measure under Canadian
generally accepted accounting principles (GAAP). However, management believes
that funds flow from operations is a useful measure of financial performance
as management believes it is a commonly accepted measure in the industry which
is useful for knowledgeable investors for comparison purposes. For the
purposes of funds flow from operations calculations, funds flow is defined as
"Funds flow from operations" before changes in non-cash operating working
capital. Anterra's determination of funds flow from operations may not be
comparable to that reported by other companies. Operating margin is not a
recognized measure under GAAP; however management believes it is a useful
measure of financial performance for assessing the operations of the Company.
Operating margin is defined as revenue less operating costs, both of which are
GAAP measures.

    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.

    %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:; Bill Johnson, President and
Chief Operating Officer, Anterra Energy Inc., Telephone (403) 215-2384,
Facsimile: (403) 261-6601, E-mail:

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