Anterra Corporation
TSX VENTURE : ATR

Anterra Corporation

April 27, 2007 15:21 ET

Anterra Announces Shareholder Approval of Amalgamation With Resolve Energy Inc., Filing of Year End Disclosure Documents and Production Acquisition

CALGARY, ALBERTA--(CCNMatthews - April 27, 2007) - Anterra Corporation, ("Anterra" or the "Company")(TSX VENTURE:ATR) is pleased to announce that on April 26, 2007 at the special meeting of the shareholders of Anterra, the shareholders approved all matters brought to the shareholders for approval including the amalgamation with Resolve Energy Inc. ("Resolve"). In excess of 99% of votes cast voted in favour of all resolutions brought to the shareholders. The Company also announces today that it has filed its audited financial and operating results for the year ended December 31, 2006 and related Management Discussion and Analysis with Canadian Regulatory Authorities. Reserves data and other oil and gas information for the year ended December 31, 2006 as mandated by National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities of the Canadian Securities Administrators is anticipated to be filed with Canadian Regulatory Authorities on April 30, 2007.

Shareholder Meeting and Amalgamation

At the meeting the following items were approved:

1. Amalgamation with Resolve

Shareholders approved the amalgamation of Anterra and Resolve pursuant to which each issued and outstanding Anterra share will be converted into (a) 0.5714285 Class A shares of the corporation formed by the amalgamation of Anterra and Resolve; and (b) 0.0132 Class B shares. The name of the new amalgamated company will be Anterra Energy Inc ("Anterra Energy") and the TSX Venture Exchange ("TSXV") trading symbol will be AE. Immediately prior to the Anterra meeting, the shareholders of Resolve also approved the amalgamation.

Under the rules of the TSXV, the shares of Anterra have been halted until the TSXV has issued its final bulletin approving the transaction. Following TSXV approval, the Class A shares (TSXV symbol AE.A) and Class B shares (TSXV symbol AE.B) of the new amalgamated company Anterra Energy, are anticipated to commence trading on or about May 7, 2007.

2. Stock Option Plan

Shareholders approved the revolving stock option plan of Anterra Energy.

3. Appointment of Directors and Officers:

The board of Anterra Energy will consist of: Owen C. Pinnell, James H. Coleman, Ross O. Drysdale, Jacob T. Halldorson, John McGilvary, and John K. Read.

Upon completion of the amalgamation, the directors of Anterra Energy, are expected to appoint the following officers: Owen C. Pinnell, Chairman and Chief Executive Officer, Bob McCuaig, Executive Vice President Operations, Doug Wine, Vice President Exploration, Gordon Marsden, Vice President Engineering and Production, Giles Parker, Vice President Finance and Chief Financial Officer, Alastair Robertson, Corporate Secreatary and Treasurer and Marlene Stewart, Assistant Corporate Secretary.

Year end Filings

Anterra will today be filing its audited consolidated financial statements and accompanying notes for the year ended December 31, 2006 and related Management Discussion and Analysis with Canadian Securities Regulatory Authorities. Reserves data and other oil and gas information for the year ended December 31, 2006 as mandated by National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities of the Canadian Securities Administrators is anticipated to be filed with Canadian Regulatory Authorities on April 30, 2007. Copies of Anterra's 2006 disclosure documents may be obtained at www.sedar.com.

Production Acquisition

The Company also announces that it has reached agreement to acquire 30 boepd of oil and gas production in one of its core areas in central Alberta and the acquisition is anticipated to close prior to the end of May 2007. The effective date for the acquisition is April 1, 2007 and this acquisition increases the Company's current oil and gas production to in excess of 300 boepd.

Anterra Corporation ("Anterra") is an emerging energy company with a focus on the exploration and exploitation of oil and gas reserves and the development of associated fee-based projects in western Canada. Anterra is a public Canadian company listed on the TSX Venture Exchange under the symbol ATR. More information about Anterra is available on the internet at www.anterra.org.

This news release may contain certain forward-looking statements, including management's assessment of future plans and operations, and capital expenditures and the timing thereof, that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control. Such risks and uncertainties include, without limitation, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada, the United States and overseas, industry conditions, changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities.
The Company's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that the Company will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

In this news release the calculation of barrels of oil equivalent (BOE) is calculated at a conversion rate of 6,000 cubic feet (mcf) of natural gas for one barrel (bbl) of oil based on an energy equivalency conversion method. BOEs may be misleading particularly if used in isolation. A BOE conversion ratio of 6 mcf : 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. This release should be read in conjunction with previously released public documents. Financial statements and notes to the financial statements can be accessed on SEDAR or on our website at www.anterra.org.

Common Shares Outstanding: 27,842,833

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information