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TSXV:PRC | TSX Venture | Common Stock |
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TSX Venture Exchange: PRC
CALGARY, Aug. 21, 2014 /CNW/ - PanTerra Resource Corp. ("PanTerra" or the "Corporation") has filed today on SEDAR its unaudited condensed interim financial statements and related management's discussion and analysis ("MD&A") for the three months ended June 30, 2014. The financial statements and MD&A will be available for review at www.sedar.com.
Highlights
Outlook
Assuming completion of Panterra's proposed acquisition announced on August 20, 2014 (the "Proposed Acquisition") Panterra will hold 168,285 net acres which includes approximately 110,000 net undeveloped acres. To date, Panterra has identified 60 to 80 gross drilling locations, which is expected to provide the basis for a relatively low risk, multi-year drilling program targeting a mix of commodities (light oil, liquids rich gas and dry gas).
The Proposed Acquisition contains 11% liquids production with low declines of around 9% to10%. Upon closing of the Proposed Acquisition, Panterra's overall corporate decline rate is anticipated to be approximately 17%.
The Corporation anticipates commencement of drilling operations in Q1, 2015. The program is expected to be preceded with a completion/optimization program that is anticipated to begin in October, 2014. Information respecting projected production rates and cash flows will be provided once such information has been determined by management, which is expected to be in early Q4, 2014.
About PanTerra
PanTerra is a diversified junior public oil and gas company listed on the TSXV under the symbol "PRC", with holdings in both conventional and unconventional projects in Western Canada. The technical team has worked together for over a decade in the Foothills Region of Western Canada, through two successful, publicly traded companies. The unique skills and repeat success at exploiting a complex, potentially prolific play type are fundamental ingredients for a successful growth-oriented company in Western Canada. Corporation information can be found at: www.panterraresource.com.
Forward-Looking and Cautionary Statements
This news release may include forward-looking statements including opinions, assumptions, estimates, and, more particularly, statements concerning use of working capital for acquisitions and future development of the Corporation's assets. When used in this document, the words "will," "anticipate," "believe," "estimate," "expect," "intent," "may," "project," "should," and similar expressions are intended to be among the statements that identify forward-looking statements. These include, but are not limited to, the completion of the proposed acquisition, the anticipated commencement of drilling operations in Q1, 2015 and the preceding completion and optimization program in October, 2014. Forward-looking statements are subject to a wide range of risks and uncertainties, and although PanTerra believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized.
Any number of important factors could cause actual results to differ materially from those in the forward -looking statements including, but not limited to, regulatory and third party approvals not being obtained in the manner or timing anticipated, the ability to implement corporate strategies, the state of domestic capital markets, the ability to obtain financing, changes in general market conditions and other factors more fully described from time to time in the reports and filings made by PanTerra with securities regulatory authorities.
Except as required by applicable laws, PanTerra does not undertake any obligation to publicly update or revise any forward-looking statements.
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.
SOURCE PanTerra Resource Corp.
Copyright 2014 Canada NewsWire
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