SINGAPORE, SINGAPORE--(Marketwired - Nov. 10, 2016) - Terra Nova Energy Ltd. ("Terra Nova" or the "Company") (TSX VENTURE:TGC)(OTCQX:TNVMF) is pleased to announce that it closed its acquisition of a 30.833% Working Interest ("Interest") in Petroleum Exploration License ("PEL" or "Licenses") 112 and 444, and a 1.47% gross overriding royalty interest on the PELs (the "Royalty"). In consideration of the Interest and Royalty, Terra Nova issued to Perseville Investing Inc. 40,000,000 pre-consolidation common shares of Terra Nova at a deemed price of $0.05 per share in accordance with the terms of an agreement among Terra Nova and Perseville.
Perseville is controlled by Carlo Civelli. Mr. Civelli is the father of Nico Civelli, who is a member of Terra Nova's board of directors. After closing of the transaction, Mr. Civelli now owns, directly and indirectly, 44,545,455 pre-consolidation common shares of Terra Nova, representing 34.93% of the issued and outstanding common shares of Terra Nova. As disclosed in Terra Nova's news release dated October 31, 2016, shareholders of Terra Nova approved Mr. Civelli becoming a new control person of Terra Nova.
The securities issued to Perseville will be subject to a four month hold period in accordance with applicable securities laws.
About Terra Nova Energy Ltd.
Terra Nova Energy Ltd. is an oil and gas company with a 51.49% working interest in two onshore petroleum exploration licenses ("PELs"), being PEL 112 and PEL 444, including a 1.47% gross overriding royalty interest on the PELs, located on the western flank of the Cooper Eromanga Basin in the State of South Australia, Australia. Its common shares trade on the TSX Venture Exchange under the symbol "TGC" and its ordinary shares trade in the U.S. on the OTCQX marketplace under the symbol "TNVMF."
This news release contains forward-looking information relating to Terra Nova's intentions to conduct the drilling programs and other statements that are not historical facts. Such forward-looking information is subject to important risks and uncertainties that could cause actual results to differ materially from what is currently expected, for example: risks related to oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, competition from other producers, inability to retain drilling rigs and other services, reliance on key personnel, and insurance risks. Findings by other oil and gas issuers does not necessarily indicate that Terra Nova will be successful in making such findings in the Western Flank. In making such forward- looking statements, Terra Nova has relied upon certain assumptions relating to geological settings, commodity prices, the stability of markets and currencies and the availability of capital to Terra Nova in order to continue with the seismic and drilling programs. You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While Terra Nova may elect to, Terra Nova is under no obligation and does not undertake to update this information at any particular time, except as required by applicable securities law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.