Terra Energy Releases First Quarter 2013 Results
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 05/14/13 -- Terra Energy Corp. ("Terra" or the "Company") (TSX: TT) announces its financial and operating results for the three month period ended March 31, 2013. Copies of Terra's first quarter results may be obtained at or .
First Quarter 2013 Results
During the first quarter, natural gas prices trended upwards which combined with the reduction in production expenses and gains from asset sales, resulted in a stronger working capital position and positive net income. The Company remains focused on the completion of the sale of the remaining Montney assets for $36 million less standard industry adjustments and commissions, to be exercised on or before June 3, 2013, with the resulting sale closing on or before July 9, 2013. After completion of the sale of the remaining Montney assets, the Company will be left with a considerably improved balance sheet, a large base of producing assets, substantial undeveloped land holdings and a significant inventory of new projects.
It continues to be the intention of the Company to release guidance on the capital projects for the remainder of calendar 2013, target exit production rates and cash flows, only following the completion of the sale of the remaining Montney assets.
Terra is a junior oil and gas corporation engaged in the exploration for, and development and production of, natural gas and oil in Western Canada. Terra's common shares trade on the Toronto Stock Exchange under the symbol 'TT'.
Reader Advisory
All amounts in Canadian dollars unless otherwise specified.
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. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1; utilizing a conversion of a 6:1 basis may be misleading as an indication of value.
Forward-Looking Statements
This media release may contain certain statements which constitute forward-looking statements or information ("forward-looking statements"), including statements regarding the exercise of the remaining Montney sale option. There is no assurance that the remaining Montney sale option will be exercised or the timing of exercise. Although Terra believes that the expectations reflected in our forward-looking statements are reasonable, our forward-looking statements have been based on expectations, factors and assumptions concerning future events which may prove to be inaccurate. Those expectations, factors and assumptions are based upon currently available information available to the Company. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. As such, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future results, levels of activity or achievements. The risks, uncertainties, material assumptions and other factors that could affect actual results are discussed in our Annual Information Form and other documents available at . Furthermore, the forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, Terra does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.
Contacts:
Terra Energy Corp.
Bud Love
Vice President of Finance & Chief Financial Officer
403.699.7777
Terra Energy Corp.
Berk Sumen
Manager, Corporate Affairs
403.699.7777
403.264.7189 (FAX)
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Unternehmensinformation / Kurzprofil:
Datum: 14.05.2013 - 23:00 Uhr
Sprache: Deutsch
News-ID 260045
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contact information:
Town:
CALGARY, ALBERTA
Kategorie:
Oil & Gas
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