Terra Energy Corp.

Terra Energy Corp.

June 17, 2015 19:14 ET

Terra Energy Corp. Announces Board of Director Election Results and Appointment of Board Chairman

CALGARY, ALBERTA--(Marketwired - June 17, 2015) - Terra Energy Corp. (TSX:TT) ("Terra" or the "Company") is pleased to announce the final director election results from its 2015 annual and special meeting of shareholders (AGM) held on June 16, 2015. A ballot was conducted with respect to the election of the directors to hold office until the next annual meeting of shareholders. According to the proxies received and ballots cast, the following directors were elected to hold office until the next annual meeting of shareholders or until their successors are elected or appointed, unless such office is earlier vacated in accordance with the by-laws of the Company:

Nominee # Votes For % Votes For # Votes Withheld % Votes Withheld
Ralph G. Evans 40,799,604 57.59 30,047,141 42.41
Colin P MacDonald 40,747,104 57.51 30,099,641 42.49
Cas H. Morel 40,321,103 56.93 30,509,642 43.07
Robert D. Penner 40,971,704 57.83 29,875,041 42.17
Tony Sabelli 40,920,204 57.76 29,926,541 42.24
Brian A. Yaworski 40,746,704 57.51 30,100,041 42.49

In addition to the election of directors, the Company wishes to announce the appointment of Mr. Brian A. Yaworski Q.C., as its new Chairman of the Board of Directors. Mr. Yaworski is a partner in the Calgary office of the international law firm of DLA Piper (Canada) LLP and has been a director of Terra Energy since May, 2010.

At a meeting of the Directors following the AGM the Board established a committee of independent directors to review and evaluate possible opportunities to enhance shareholder value including the sale of oil and gas properties, entering into strategic alliances, mergers, restructuring or recapitalization of the corporation.

Mr. Yaworski stated "Under the current market conditions, the Company requires capital to further advance its business plan and grow value for shareholders. Terra will reach out and consider all opportunities to raise capital through the monetization of some or all of its assets, entering into strategic alliances and joint ventures, or through a restructuring arrangement of the Company."

Corporate Information

Terra is a junior oil and gas company engaged in the exploration for, and the development and production of, natural gas and oil in Western Canada. Terra's common shares trade on the Toronto Stock Exchange under the symbol "TT".

Contact Information

  • Terra Energy Corp.
    Bud Love
    Vice President of Finance, & Chief Financial Officer
    Tel: 403.699.7777
    Fax: 403.264.7189