CALGARY, Sept. 13 /CNW/ - PanTerra Resource Corp. ("PanTerra") and
Stealth Ventures Ltd. ("Stealth") wish to announce that they have concluded an
agreement whereby PanTerra will acquire Stealth's 50% working interest in all
of PanTerra-operated, joint venture shale gas properties in Saskatchewan.
Further to an agreement dated September 12, 2007, PanTerra will issue Stealth
13,000,000 shares from treasury as payment for Stealth's interest in the
properties. These shares will be restricted from trading for a period of one
year. This agreement is subject to formal documentation and regulatory
This arrangement allows PanTerra to consolidate and control its
exploration and development efforts in Saskatchewan with a 100 % working
interest in the subject lands. This gives Stealth the opportunity to focus on
their operated unconventional gas properties while retaining an interest in
Saskatchewan by obtaining an equity position in PanTerra.
PanTerra is encouraged with the test results of fracture stimulations
conducted in selected wells on its lands in late August, as the wells continue
to flow back gas in increasing amounts. PanTerra intends to release further
operational details in the near future.
PanTerra Resource Corp. is an Alberta-based resource company focused on
the exploration and development of unconventional shallow and shale gas. It
holds three Exploration Permits and four licenses for a total of 1.1-million
acres on four properties in Saskatchewan. PanTerra trades on the TSX Venture
Exchange under the symbol "PAN". Further information can be found at
Stealth Ventures Ltd. is a Calgary-based junior oil and gas company whose
expertise and focus is on unconventional gas reserves including CBM, shale gas
and tight gas sand reservoirs.
The TSX Venture Exchange has not reviewed nor accepts responsibility for
the adequacy or accuracy of the contents of this news release.
For further information:
For further information: Fred P. Rumak, P.Geol., President and C.E.O. at
(403) 261-5900, Email: email@example.com; Herve B. Collet V.P.
Operations/C.O.O., at (403) 261-5900, Email: firstname.lastname@example.org; W.
Robert Bell, CEO, Mark J. Roth, CFO, Stealth Ventures Ltd., Tel.: (403)
514-9998, Fax: (403) 514-9995, Emails: email@example.com;
Investor Relations, First Canadian Capital Corp., Tel.: (416) 742-5600, Tel.:
(866) 580-8891, Email: firstname.lastname@example.org