/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./
CALGARY, Jan. 12, 2012 /CNW/ - PanTerra Resource Corp. (the "Corporation" or "PanTerra"- (TSX Venture: PRC) announces that it has obtained regulatory approval to proceed with a normal course issuer bid (the "Bid") whereby PanTerra may purchase up to a total of 1,384,579 common shares representing approximately 5% of the common shares of PanTerra currently issued and outstanding (27,691,591 common shares were outstanding as at January 1, 2012). It is expected that the Bid will commence on January 12, 2012 and terminate on January 12, 2013. All acquisitions of common shares by PanTerra pursuant to the Bid will be made through the facilities of TSX Venture Exchange Inc. at the market price of the common shares at the time of the acquisition. There are no persons acting jointly or in concert with the Corporation in respect of the Bid. PanTerra is making the Bid to stabilize the trading price and provide liquidity in the market for its common shares.
Purchases on behalf of PanTerra will be made by MGI Securities Inc., Suite 600 224 - 4th Ave South, Saskatoon, Saskatchewan S7K 5M5.
PanTerra is a diversified junior public oil and gas company listed on the Toronto Venture Exchange "TSXV" and trades under the symbol "PRC". The Company has holdings in both conventional and unconventional projects in Western Canada. The Company has a current operated production base of approximately 115 BOPD and 100 Mcf/d gas (based on field estimates) with excellent optimization and exploitation potential. Additionally PanTerra holds 'rights' in approximately 120,000 acres in various properties in Western Canada.
Company information can be found at: www.panterraresource.com.
Neither the TSX Venture nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements that involve risks and uncertainties. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by the Corporation. The forward-looking statements or information contained in this news release are made as of the date hereof and the Corporation does not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
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