Terra Energy Corp.

Terra Energy Corp.

July 08, 2008 09:00 ET

Terra Energy Announces Renewal of Credit Facility

CALGARY, ALBERTA--(Marketwire - July 8, 2008) - Terra Energy Corp. (TSX VENTURE:TTR) ("Terra Energy" or the "Company") is pleased to announce that it has renewed its credit facility in the amount of $70,000,000 with a syndicate of lenders led by the Toronto Dominion Bank and including the Canadian Imperial Bank of Commerce. The terms and conditions of the facility are similar to the Company's previous credit facility and include a 1-year term-out provision allowing the credit facility to be classified as long-term debt.

Currently, Terra Energy has not drawn against the facility as the Company is in a positive cash position.

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