PanTerra Resource Corp. (“PanTerra” or the “Company”) is pleased to announce that it has closed the final tranche of its previously announced sale of 60% of the Company’s working interest in its Carrot Creek Cardium assets located in central Alberta for an aggregate purchase price of $3,396,488. For further information regarding the sale of the Carrot Creek assets please see the Company’s news releases dated June 4, 2013, July 14, 2013,July 18, 2013 and July 26, 2013.
As previously announced, the proceeds of the disposition have been applied to eliminate all outstanding payables and to reduce indebtedness under PanTerra’s outstanding credit facilities.
Further, the Company wishes to advise that the installation of the new Tomahawk gas gathering system is proceeding, Phase II of the Carrot Creek Enhanced Oil Recovery Scheme and Battery Upgrade have been implemented and the Company is in the process of acquiring two additional drilling locations at its Tomahawk and Tomahawk West properties which will spud this fall.