Anterra Energy provides update on Alberta and Saskatchewan operations

Anterra Energy Inc. (TSX VENTURE:AE.A) announces that the horizontal Cardium well at LSD 09-17-45-5W5M in the Pembina (Buck Lake) area of Alberta was placed on production on December 28, 2012. The well continues to flow and, for the first 14 days of January, produced at average rates of 470 barrels of oil equivalent per day (boepd) comprised of 300 barrels of oil and 1,015 mcf of gas per day. As of January 15, 2013, the well continues to produce approximately 385 boepd at a tubing pressure of 3,000 kpa. Anterra holds a sixty percent (60%) working interest in the well and the balance of Section 17. Initial production levels for this well may not be reflective of sustainable production rates and future production rates may differ materially from the production rates reflected in this press release.

At Abbott in south east Saskatchewan, the Company plans to commence drilling of a Bakken test well at LSD 16-35-07-18W2M before the end of February. Following logging and coring, the Company will make a decision on whether to re-enter the well and drill the horizontal leg. Anterra has farmed out the test well and retains a fifty percent (50%) working interest in the test well and the adjoining 26 sections of land.

Anterra also advises that, further to its press release of December 21, 2012, Anterra has now signed an investment agreement with Landocean Energy Services Co. Ltd ("Landocean") of Beijing, China under the terms of which Landocean will invest $7 million (the "Investment") into Anterra and shall obtain 107,692,308 Class A shares at a price of $0.065 per share. Upon closing of the Investment, Landocean shall hold 30.41% of Anterra's outstanding Class A shares and shall be entitled to appoint two additional directors to Anterra's board. Subject to regulatory approval, the Investment is expected to close before the end of March 2013.

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More

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Source: http://feeds.oilvoice.com/~r/NorthAmericaHeadlines/~3/29FtN-KoHhg/4ac959f8bb4c.aspx

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