Calgary-based Anterra Energy Inc., an energy exploration, development and production company, has received C$7 million in financing from an investment affiliate of LandOcean Energy Services Co. Ltd. of Beijing, China. In conjunction with the financing, Anterra has agreed to give priority to LandOcean for its exploration and production technical services. LandOcean is currently a portfolio company of Chinese private equity firm Fortune Capital.
Anterra Energy Inc. (TSX VENTURE:AE.A) (“Anterra” or the “Company”) is pleased to announce that the previously announced financing with LandOcean Energy Services Co. Ltd (“LandOcean”) of Beijing, China has now been completed. LandOcean’s subsidiary, LandOcean Resources Investment Canada Co. Ltd., has acquired 107,692,308 Class A shares of Anterra at a price of $0.065 per share, which represents 27.6% of Anterra’s outstanding Class A shares. LandOcean’s nominees, Mr. Gengwen Sun and Mr. Chengfeng Tang, have been appointed as directors to Anterra’s board.
In conjunction with the financing, Anterra has agreed to give priority to LandOcean for its exploration and production technical services. These services are intended to include a comprehensive reservoir study of all of Anterra’s properties, an evaluation of acquisition and development projects and other engineering services.
LandOcean has acquired the shares of Anterra for investment purposes.
Anterra intends to use the proceeds of the financing for general working capital purposes. The Company paid Langgata Financial Consulting a cash fee of $350,000 and issued 1,000,000 warrants. The warrants have an exercise price of $0.10 and will expire on April 4, 2015. The securities issued under the offering (including the Class A shares and warrants) are all subject to a hold period under applicable Canadian securities laws of four months, which will expire on August 6, 2013.
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.
This news release contains certain forward-looking statements, which include assumptions with respect to future operations. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. All such forward-looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company’s control. Such risks and uncertainties include, without limitation, risks associated with oil and natural gas exploration, development, exploitation, production, marketing and transportation, volatility of commodity prices, availability of drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada and the United States, industry conditions, changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, and stock market volatility. The Company’s actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits, including the amount of proceeds, the Company will derive there from. Readers are cautioned that the foregoing list of factors is not exhaustive.
Neither 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.
Anterra Energy Inc.
Chief Executive Officer
(403) 261-6601 (FAX)
Anterra Energy Inc.
Owen C. Pinnell
(403) 261-6601 (FAX)
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