/NOT FOR DISTRIBUTION TO US NEWS WIRE SERVICES OR DISSEMINATION IN THE
TSX Venture Exchange: "AE.A & AE.B"
32,169,040 Class A Shares
753,014 Class B Shares
CALGARY, Jan. 9 /CNW/ - Anterra Energy Inc. ("Anterra" or the "Company")
today provides an update on recent drilling and completion activities.
Exploration and development expenditures totaled $4.0 million for the fourth
quarter of 2007 and the Company has now completed its $10 million 2007 CAPEX
program and has met all of its flow through share commitments for 2007.
The Anterra LSD 14-20-62-11W5M well at Judy Creek has been drilled and
cased. The well encountered hydrocarbons in the Swan Hills reef at
2,700 metres, however logs indicate that water saturations are somewhat higher
than anticipated. The well also encountered hydrocarbons in the Wabamun, Banff
and Detrital formations. The well will be tested and completed in January
following which future drilling locations and infrastructure requirements will
be finalized. Anterra is the operator and holds a 100% working interest in the
LSD 14-20-62-11W5M well.
Anterra also advises that it has reached agreement with a flow through
drilling fund to farm-in and invest $2.5 million in a joint venture to drill
two additional Swan Hills reef wells on the Judy Creek property during the
first quarter of 2008.
The Anterra LSD 06-32-60-15W5M well at Sakwatamau has been drilled and
cased. Gas was encountered in the Edmonton, Belly River, Gething and Wilrich
formations and oil is present in the Shunda formations. Due to the multiple
formations capable of production, the well will be completed as a Shunda oil
well and a second well will be drilled during the first quarter of 2008 to be
completed for gas. The Company has a 20% working interest before payout in the
LSD 06-32-60-15W5M well converting to a 60% working interest after payout. The
Company will have a 60% working interest in the second well. Payout is
expected to occur during the first half of 2008. Anterra owns and operates the
oil and gas pipeline-connected infrastructure on the property.
The Anterra LSD 14-20-55-14W5M well at McLeod River has been drilled and
cased. The well encountered natural gas in the Nisku, Swan Hills, Gilwood and
Keg River formations and will be production tested during January. The well is
the result of a farm-in agreement and Anterra has earned a 52.5% working
interest before payout and 31.5% working interest after payout in the project.
Anterra is operator and has access to gas gathering and processing
infrastructure in the immediate area. Should the well produce sweet gas it
will be placed on production within 60 days. For sour gas a four-mile
gathering line will be needed and regulatory requirements may delay production
for several months.
The Company plans to drill one development well at LSD 07-7-4-20W3M and
re-complete an abandoned well at LSD 06-7-4-20W3M in Frontier SW Saskatchewan,
both wells targeting Upper Shaunavon oil production. Anterra is operator and
will earn a 100% working interest before payout and a 60% working interest
after payout in this project which will be completed by the end of January.
The Company plans to drill a development well in the Pekisko formation at
LSD 04-15-23-14W4M at Matziwin in SE Alberta. Anterra is the operator and
holds a 100% working interest in the well which will be drilled and completed
ABOUT ANTERRA ENERGY
Anterra Energy is an emerging energy company with a balanced portfolio of
high impact exploration and lower risk exploitation 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
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 these
In addition, the term BOE or BOE's 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
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this press release.
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