Terra Energy Corp.
TSX VENTURE : TTR

Terra Energy Corp.

December 23, 2008 17:07 ET

Cas H. Morel Increases Ownership in Terra Energy Corp. and Files Early Warning Report

CALGARY, ALBERTA--(Marketwire - Dec. 23, 2008) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Mr. Cas H. Morel, President and CEO of Terra Energy Corp. (TSX VENTURE:TTR) ("Terra"), announces that, as a result of purchases in the open market by Forterra Properties Inc., a corporation controlled by Mr. Morel, which occurred on December 19th and 22nd, 2008 through the facilities of the TSX Venture Exchange, Mr. Morel has acquired control of an additional 38,000 common shares ("Common Shares") in the capital of Terra and has filed an Early Warning Report pursuant to National Instrument 62-103 on SEDAR at www.sedar.com. The Common Shares were purchased for an average price of $0.887 per Common Share. As a result, Mr. Morel now owns or exercises control or direction over 23,839,462 Common Shares and stock options to purchase 500,000 Common Shares representing approximately 31.5% of the issued and outstanding Common Shares prior to the exercise of such options and 32.2% of the issued and outstanding Common Shares in the event such options are exercised.

Mr. Morel acquired the Common Shares for investment purposes and may, from time to time on an individual or joint basis, acquire additional securities of Terra, dispose of some or all of the existing or additional securities he holds or controls or will hold or control, or may continue to hold or control his current position.

FOR FURTHER INFORMATION OR TO OBTAIN A COPY OF THE EARLY WARNING REPORT FILED IN CONNECTION WITH THIS MATTER, PLEASE CONTACT MR. CAS H. MOREL.

Contact Information

  • Mr. Cas H. Morel
    c/o Suite 970, 333 - 7th Avenue S.W.
    Calgary, AB T2P 2Z1
    (403) 699-7777