CALGARY, March 7, 2013 /CNW/ - PanTerra Resource Corp. ("PanTerra" or the "Company") announces (along with its joint venture partner) that at a recent
Crown land sale they have acquired an additional 7,360 acres of mineral
rights (with mainly oil potential), adjacent to one of its core areas
situated in central Alberta. This acquisition will allow the Company
and its partner to move forward with additional drilling under a
previously announced joint venture entered into early last year.
Further, the Company and its partner are in the process of constructing
a six mile long gas gathering system at its Tomahawk property in
central Alberta. The construction is in the planning stage and is
anticipated to commence as soon as a license and right of ways have
been acquired. The Company will get carried by its partner for the cost
of construction. The pipeline will allow for increased oil production
on one particular well where production is currently curtailed by gas
oil ratios as well as to recover a significant amount of liquid rich
solution gas from the balance of the producing wells. The additional
gas and liquids revenue is anticipated to pay the project out in
approximately one year or less despite current low gas prices. Pipeline
construction will also improve the economics of additional wells that
are planned to be drilled along the pipeline route as the solution gas
from these wells will be tied in and marketed as the new wells are
PanTerra is a diversified junior public oil and gas company listed on
the TSX Venture Exchange ("TSXV") under the symbol "PRC", with holdings in both conventional and
unconventional projects in Western Canada. The Corporation has an
operated production base in excess of 130 BOPD and 100mcf/day gas
(based on field estimates) with excellent optimization and exploitation
potential. Company information can be found at: www.panterraresource.com.
Neither the 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.
SOURCE: PanTerra Resource Corp.
For further information:
Fred P. Rumak P.Geol.
President and C.E.O. at 403-261-5900
Jake Pronk P. Geol
V.P. Exploration at 403-261-5900