TSX-V: TTR
CALGARY, Sept. 17 /CNW/ - Cas H. Morel, President and Chief Executive Officer of Terra Energy Corp. ("Terra Energy" or the "Company") is pleased to announce that the Company has engaged the services of Scotia Waterous Inc. ("Scotia Waterous") to assist the Company in unlocking the undervalued potential of the Company's shares. The Board of Directors of the Company have unanimously determined that the present circumstances provide the right environment to investigate such opportunities, which include a corporate combination transaction with a view towards a combined production level in excess of 10,000 BOED, the sale of some or all of the assets of Terra Energy, or the sale of all of the shares of Terra Energy.
The Company is maintaining its target exit rate for 2008 of 5,700 BOED of production and has had a number of recent operational successes that will be more fully detailed in an update anticipated within the next two weeks. The sale of the Company's Montney rights in British Columbia earlier this year eliminated the Company's debt and positioned it for growth. The increasing production base of the Company, combined with the Company's strong balance sheet, will allow Terra Energy to consider all options to unlock shareholder value.
All inquiries should be directed to a Scotia Waterous representative as listed below:
Mr. Derek Wheatley 403-218-3259 Mr. Paul Walmsley 403-218-6789 READER ADVISORY --------------- A BOE conversion ratio of six thousand cubic feet per barrel (6mcf/bbl) of natural gas to barrels of oil equivalence is based upon an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency for the individual products at the wellhead. Such disclosure of BOE's may be misleading, particularly if used in isolation. This media release contains forward-looking statements including expectations of future production and a possible transaction or transactions that are intended to realize what management perceives to be an undervalued share price. There is no assurance that future expected production will be met or that a strategic transaction will be identified or completed.
Terra Energy is a junior oil and gas company engaged in the exploration for, and development and production of, natural gas and oil in Western Canada. Terra Energy's common shares trade on the TSX Venture Exchange under the symbol 'TTR'.
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS MEDIA RELEASE.
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