|By Marketwire .||
|March 19, 2012 04:39 PM EDT||
CALGARY, ALBERTA -- (Marketwire) -- 03/19/12 -- Anterra Energy Inc. (TSX VENTURE:AE.A) ("Anterra" or the "Company") today provides an update on operational activities for 2012 with additional comments on certain financial matters.
OPERATIONS AND CORPORATE UPDATE
Anterra advises that it recently completed the work over and stimulation of its 45% working interest horizontal Pekisko oil well at Matziwin LSD 04-15-023-14W4. A successful stimulation will lead to the drilling of a 100% interest horizontal Pekisko well on the same property prior to the end of the second quarter of 2012.
At Breton, the Company is continuing to work on the regulatory approval for the first of several horizontal Belly River oil wells planned for the property. Upon receipt of regulatory approval, the Company will begin drilling which is presently scheduled for the second quarter of 2012. Anterra has 5,000 acres of contiguous land at Breton.
At Buck Lake, the Company obtained a surface lease for two additional 60% working interest horizontal Cardium wells on the property. To date, the two horizontal Cardium wells on the property produced a combined 104,000 barrels of oil equivalent (BOES) and continue to produce at a combined average 175 BOEPD. Subject to regulatory approval, management plans to begin drilling the third 60% interest well before the end of the third quarter of 2012.
Anterra advises that effective December 28, 2011, KPMG LLP was appointed auditor for the Company, replacing Deloitte & Touche LLP who acquired AJM Petroleum Consultants Ltd. late in 2011, the Company's independent reserves engineers. For additional information, please see the reporting package respecting the change in auditor filed on SEDAR.
Anterra also advises that, as a result of a continuous disclosure review conducted by the Alberta Securities Commission, the Company has determined that there have been errors in the Company's financial statements for the first, second and third quarters of 2011. The errors occurred in the measurement of depletion expense and share based payment expense, due to certain costs not being included. The result of the errors is that the net income in the quarters reported was overstated by the following amounts:
Q1 2011 Q2 2011 Q3 2011 Total ------------------------------------------------ Depletion expense 221,519 $210,034 $242,800 $674,353 Share based payment expense - - $12,232 $12,232 Decrease in net income $221,519 $210,034 $255,032 $686,585
The corrected calculations will be reflected in the Company's financial statements for the year ended December 31, 2011.
About Anterra Energy
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 may contain certain forward-looking statements, including management's assessment of future plans and operations, and capital expenditures and the timing thereof, that 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 gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain 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, the United States and overseas, 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, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities. 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 so, what benefits, including the amount of proceeds, that the Company will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
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.