Anterra Corporation
TSX VENTURE : ATR

Anterra Corporation

August 31, 2005 16:56 ET

Anterra Receives Class 1 b Permit for Suffield and Provides Operations Update

CALGARY, ALBERTA--(CCNMatthews - Aug. 31, 2005) - Anterra Corporation, (TSX VENTURE:ATR) ("Anterra" or the "Company") is pleased to provide shareholders with an update on operations and other matters:

Suffield Class 1 b Permit

Anterra has received an operating permit to dispose of Class 1 b fluids at its water disposal facility at Suffield in southern Alberta. The disposal facility, which has received Class 2 fluids since 2004, is located at LSD 08-12-015-10W4M. This permit broadens Anterra's midstream service offering from the operation of clean oil terminals and treating and disposal plants, to now include disposal of Class 1 b fluids.

Operations Update

The present operating and market conditions are having a significant positive impact on Anterra's operating and financial performance.

- Oil and gas production is averaging 225 boepd with a further 25 boepd awaiting tie-in.

- The Company is presently receiving in excess of $60 per boe for its oil and gas production.

- With the addition of Class 1 b disposal at Suffield, operations at Suffield are forecast to turn positive and generate $200,000 of additional funds flow over the balance of 2005.

- Funds flow for the year ending December 31, 2005 is now forecast at $1.8 million including a provision for cash taxes, or $0.08 per share.

Funds flow from operations is not a recognized measure under Canadian generally accepted accounting principles (GAAP). However, management believes that funds flow from operations is a useful measure of financial performance. For the purposes of funds flow from operations calculations, funds flow is defined as "Funds flow from operations" before changes in non-cash operating working capital. Anterra's determination of funds flow from operations may not be comparable to that reported by other companies.

Chief Financial Officer

In an earlier press release, the Company announced the departure of Bob Dittmer due to health reasons. Effective September 1, 2005, Mr. Giles Parker, CA assumes the role of Vice President, Finance and Chief Financial Officer on an interim basis. Mr. Parker has worked extensively in the energy industry both in Canada and internationally.

COPIC Conference

Anterra will be presenting at the COPIC producers fall conference on Thursday, September 29, 2005. Mr. Owen Pinnell, Chairman and CEO, assisted by Bob McCuaig, Executive Vice President and Hugh Stewart, Chief Geologist, will provide an overview of the Company's current activities and operations.

About Anterra

Anterra Corporation ("Anterra") is a public company trading on the TSX Venture Exchange under the symbol ATR. Anterra, through its subsidiaries Anterra Resources Inc, and Anterra Midstream Inc., is engaged in the business of oil and natural gas development and exploration and the development of associated fee-based midstream energy projects in western Canada. More information about Anterra is available on the internet at www.anterra.org. Companies wishing to avail themselves of Anterra Midstream's services should contact Mr. Bob McCuaig at tel. 403-215-3282 or e-mail mccuaigb@anterra.org.

This news release may contain forward-looking information. Actual future results may differ materially from those contemplated.

Common Shares Outstanding: 22,010,000

The TSX Venture Exchange Inc. has neither approved nor disapproved of the contentsdoes not accept responsibility for the adequacy or accuracy of this press release.

Contact Information

  • Anterra Corporation
    Owen C. Pinnell
    President and Chief Executive Officer
    (403) 215-2427
    (403) 261-6601 (FAX)
    Email: pinnello@i3capital.com