Terra Energy Corp.

Terra Energy Corp.

June 09, 2008 18:38 ET

Terra Energy Announces Normal Course Issuer Bid

CALGARY, ALBERTA--(Marketwire - June 9, 2008) - Terra Energy Corp. (TSX VENTURE:TTR) ("Terra Energy") announces that the TSX Venture Exchange (the "TSX-V") has accepted its Notice of Intention to Make a Normal Course Issuer Bid (the "2008 Issuer Bid"). Under the terms of the 2008 Issuer Bid, Terra Energy is authorized to acquire up to an aggregate of up to 3,700,000 of its common shares over the next 12-month period representing approximately 5% of its outstanding common shares. All common shares purchased by Terra Energy under the 2008 Issuer Bid will be returned to treasury and cancelled. Although Terra Energy has a present intention to acquire its common shares, it is not obligated to make any purchases pursuant to the 2008 Issuer Bid.

The 2008 Issuer Bid shall commence on June 10, 2008 and terminate on June 10, 2009, or the earlier of the date all shares which are subject to the 2008 Issuer Bid are purchased. In the opinion of the Board of Directors of Terra Energy, the market price of the common shares of Terra Energy does not accurately reflect the value of those shares. As a result, Terra Energy's common shares may become available for purchase at prices which make them an appropriate use of funds of the Corporation. All purchases will be effected at market prices through the facilities of the TSX-V by Union Securities Ltd. on behalf of Terra Energy in accordance with the polices and rules of the TSX-V. Shareholders may obtain a copy of the 2008 Issuer Bid, without charge, by contacting Terra Energy.

Terra Energy is a junior oil and gas company engaged in the exploration for, and development and production of, natural gas and oil in Western Canada. Terra Energy's common shares trade on the TSX Venture Exchange under the symbol 'TTR'.

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

Contact Information

  • Terra Energy Corp.
    Mr. Bud Love
    Vice President of Finance and Chief Financial Officer
    (403) 699-7777