Anterra Corporation

Anterra Corporation

October 18, 2006 08:30 ET

Anterra to Acquire 52.5% Interest in Swan Hills Devonian Reef Project

CALGARY, ALBERTA--(CCNMatthews - Oct. 18, 2006) - Anterra Corporation, ("Anterra" or the "Company") (TSX VENTURE:ATR) is pleased to announce it has entered into an agreement to acquire a 52.5% working interest and become operator in a Swan Hills Devonian Reef project in the Macleod area of Alberta.

Anterra has executed a farm-in agreement to acquire a fifty two and one half (52.5%) percent working interest in two sections of land in Township 55 Range 14W5M and 12.5 square miles of 3-D seismic in the Macleod area. After project payout, Anterra's working interest will reduce to thirty one and one half (31.5%) percent. A well on the lands was recently drilled and cased to 2,450 meters by the operator. Anterra will earn its interest in the project by deepening the well to 3,200 meters and testing the Swan Hills Devonian Reef formation. The Macleod project lies four miles northeast of the Rosevear Beaverhill Lake 'A' Pool which has produced 169 BCF of gas and six miles north of the Rosevear Beaverhill Lake 'B' Pool which has produced 160 BCF of gas. The 3-D seismic over the MacLeod structure defines a pool of similar geographical extent. The re-entry, which is scheduled for 2007, is anticipated to cost $700,000.

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 and currently operates through its two wholly owned subsidiaries; Anterra Resources Inc. and Anterra Midstream Inc. More information about Anterra is available on the internet at

This news release contains forward looking information related to the planned drilling program, production and operating costs. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ from those anticipated. These risks include, but are not limited to, risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of estimates in relation to reserves, production and expenses; and health, safety and environmental risks). Due to the risks, uncertainties and assumptions inherent in forward-looking statements, prospective investors in the company's securities should not place undue reliance on these forward-looking statements.

Common Shares Outstanding: 27,842,833

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

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