CALGARY,
Feb. 20, 2013 /CNW/ - Anterra Energy
Inc. ("Anterra" or the "Company") and Terrex Energy
Inc. ("Terrex") are pleased to jointly announce that the
information circular (the "Information Circular") prepared
in connection with the previously announced proposed business
combination involving Anterra and Terrex (the "Arrangement")
has been mailed to the holders of Terrex shares and warrants. As
previously announced, the special meeting of Terrex securityholders
(the "Meeting") is scheduled to be held on March 13, 2013, and the closing of the
Arrangement is expected to occur on or about March 14, 2013. The Arrangement involves the
acquisition, by Anterra, of all of the issued and outstanding
common shares in the capital of Terrex ("Terrex Shares") and
full details of the Arrangement may be found in the Information
Circular, a copy of which will be available under Terrex's issuer
profile on SEDAR at www.sedar.com. The Terrex Board of Directors
has unanimously recommended that Terrex securityholders vote in
favour of the Arrangement at the Meeting.
As part of the Arrangement and further to the
previously announced settlements of Terrex severance and success
fee obligations to current and former officers, employees and
consultants (the "Terrex Personnel Obligations") as
disclosed in the December 21, 2012
joint press release, Terrex and Anterra have amended the terms of
the Arrangement relating to the Terrex Personnel Obligations.
The portion of the Terrex Personnel Obligations previously agreed
to be settled with 8,200,000 Terrex Shares will now be settled by
the issuance of an aggregate of 1,866,560 Class A common shares in
the capital of Anterra ("Anterra Shares"), such
Anterra Shares to be issued at a price of $0.05 per Anterra Share. A copy of the
agreement amending the Arrangement will be available under each of
Anterra's and Terrex's issuer profiles on SEDAR and further details
of the Terrex Personnel Obligations are set out in the Information
Circular.
About Anterra Energy Inc.
Anterra Energy is an independent exploration,
development and production company with an emerging focus on the
use of advanced exploration 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 TSXV under the symbol AE.A. More information
about Anterra is available on the Company's website at
www.anterraenergy.com.
For further information, please contact:
Gang Fang
Chief Executive Officer
Telephone: (403) 215-2383
Facsimile: (403) 261-6601
E-mail: fangg@anterraenergy.com |
|
|
|
|
Owen C. Pinnell
Chairman
Telephone: (403) 215-2427
Facsimile: (403) 261-6601
E-mail: pinnello@anterraenergy.com |
About Terrex Energy Inc.
Terrex Energy Inc. is a Calgary based junior oil company that focuses
on the application of proven enhanced oil recovery ("EOR") methods
to improve oil production from existing mature fields. Terrex
targets underexploited and undercapitalized light to medium oil
reservoirs in Western Canada. The
Company's shares are listed on the TSXV under the trading symbol
"TER".
For further information please contact:
Jonathan Lexier
President & CEO
(403) 264-4430 |
|
|
|
|
Norman Knecht
VP Finance and CFO,
(403) 264-4430 |
or visit the Company's website at
www.terrexenergy.ca. |
Forward-Looking Information and Cautionary Statements
This press release contains forward-looking
information and statements within the meaning of applicable
securities laws and are based on the expectations, estimates and
projections of management of Anterra and Terrex as of the date of
this news release unless otherwise stated. More particularly and
without limitation, this press release contains forward-looking
information and statements concerning: the timing and anticipated
receipt of required regulatory, court and securityholder approvals
for the transaction; the ability of Anterra and Terrex to satisfy
the other conditions to, and to complete, the Arrangement; the
anticipated timing of the holding of the Terrex Meeting and the
closing of the Arrangement.
In respect of the forward-looking information
and statements concerning the anticipated timing for completion of
the Arrangement, Anterra and Terrex have provided such in reliance
on certain assumptions that it believes are reasonable at this
time, including assumptions as to the ability of Anterra and Terrex
to receive, in a timely manner, the necessary government,
regulatory, court, securityholder, stock exchange and other third
party approvals; the ability of Anterra and Terrex to satisfy, in a
timely manner, the other conditions to the closing of the
Arrangement. The anticipated dates provided may change for a number
of reasons, including inability to secure necessary securityholder,
government, regulatory, court or other third party approvals in the
time assumed or the need for additional time to satisfy the other
conditions to the completion of the Arrangement. Accordingly,
readers should not place undue reliance on the forward-looking
information and statements contained in this press release.
Neither the TSXV nor its Regulation Services
Provider (as that term is defined in the policies of the TSXV)
accepts responsibility for the adequacy or accuracy of this
release.
SOURCE Terrex Energy Inc.