Terra Energy Strengthens Core Area in Crown Land Sale
Terra Energy Corp. has acquired 33 (gross) sections of undeveloped land in its core area of Fort St. John at the B.C. Crown Land sale held on May 24, 2006. At the sale, the B.C. Government received $103,040,000 in total bonus proceeds for 119,113 hectares of land, representing an average price of $868 per hectare. Terra Energy's successful bids accounted for more than 10% of the total bonus collected.
Cas H. Morel, President and CEO of Terra Energy, stated "Terra Energy is pleased with the results of yesterday's B.C. Crown land sale. The land acquired by Terra Energy is strategic to the development plans of the Company. Terra Energy not only acquired a significant number of undeveloped sections of land, we acquired a number of "ready-to-go" drilling locations".
Despite the increased level of competition in the area, Terra Energy successfully targeted and acquired 8,455 (gross) hectares, or 33 (gross) sections, at this sale. With the acquired sections, Terra Energy currently holds interests in over 230 (gross) sections of land in its core area of Fort St. John, with an approximate 90% working interest. Many of these acquired sections are adjacent, or in close proximity, to Terra Energy's existing lands, and have the potential of containing extensions to various plays currently being developed by the Company.
Terra Energy is a junior oil and gas company engaged in the exploration for, and development and production of, natural gas and oil in Western Canada. Terra Energy's common shares trade on the TSX Venture Exchange under the symbol 'TTR'.
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