Business
Terra Energy engages Scotia Waterous
TSX-V: TTR CALGARY, Sept. 17 /CNW/ - Cas H. Morel, President and Chief Executive Officer of Terra...
About this update from Total Metals Corp
[{"type":"text","content":"\n\n\n\nTSX-V: TTR\n\n\nCALGARY, Sept. 17 /CNW/ - Cas H. Morel, President and Chief Executive\nOfficer of Terra Energy Corp. ("Terra Energy" or the "Company") is pleased to\nannounce that the Company has engaged the services of Scotia Waterous Inc.\n("Scotia Waterous") to assist the Company in unlocking the undervalued\npotential of the Company's shares. The Board of Directors of the Company have\nunanimously determined that the present circumstances provide the right\nenvironment to investigate such opportunities, which include a corporate\ncombination transaction with a view towards a combined production level in\nexcess of 10,000 BOED, the sale of some or all of the assets of Terra Energy,\nor the sale of all of the shares of Terra Energy.\n\n\nThe Company is maintaining its target exit rate for 2008 of 5,700 BOED of\nproduction and has had a number of recent operational successes that will be\nmore fully detailed in an update anticipated within the next two weeks. The\nsale of the Company's Montney rights in British Columbia earlier this year\neliminated the Company's debt and positioned it for growth. The increasing\nproduction base of the Company, combined with the Company's strong balance\nsheet, will allow Terra Energy to consider all options to unlock shareholder\nvalue.\n\n\nAll inquiries should be directed to a Scotia Waterous representative as\nlisted below:\n\n\nMr. Derek Wheatley 403-218-3259\nMr. Paul Walmsley 403-218-6789\n\nREADER ADVISORY\n---------------\nA BOE conversion ratio of six thousand cubic feet per barrel (6mcf/bbl)\nof natural gas to barrels of oil equivalence is based upon an energy\nequivalency conversion method primarily applicable at the burner tip and\ndoes not represent a value equivalency for the individual products at the\nwellhead. Such disclosure of BOE's may be misleading, particularly if\nused in isolation.\n\nThis media release contains forward-looking statements including\nexpectations of future production and a possible transaction or\ntransactions that are intended to realize what management perceives to be\nan undervalued share price. There is no assurance that future expected\nproduction will be met or that a strategic transaction will be identified\nor completed.\n\n\nTerra Energy is a junior oil and gas company engaged in the exploration\nfor, and de...