CALGARY, Aug. 30 /CNW/ -- CALGARY, Aug. 30 /CNW/ - Anterra Energy
Inc (TSXV: AE.A) ("Anterra" or the "Company") announces its
financial and operating results for the six months ended June 30,
2010. The full text of the Company's consolidated financial
statements and related management's discussion and analysis
("MD&A") can be found at: www.sedar.com and on the Company's
website at www.anterraenergy.com. FINANCIAL AND OPERATING
HIGHLIGHTS
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Three Months Three Months Six Months Six Months 30-Jun-10 30-Jun-09
30-Jun-10 30-Jun-09 ------------ ------------ ------------
------------ Oil and Gas Production Revenue 867,372 783,769
1,800,171 1,424,552 Royalties -61,008 -26,260 -127,893 -67,406
Gross overriding royalties 875 - 875 - Net revenue 807,239 757,509
1,673,153 1,357,146 Operating costs 606,755 452,165 1,370,214
937,481 Oil and gas operating margin 200,484 305,344 302,938
419,665 Midstream Processing Revenue 397,170 301,038 804,463
644,805 Operating costs 182,607 169,410 383,542 383,863 Midstream
operating margin 214,563 131,628 420,921 260,942 Intersegment
revenue and cost -29,765 -20,154 -57,793 -43,391 Total Net Revenue
1,174,644 1,038,393 2,419,823 1,958,560 Total Operating Costs
759,597 601,421 1,695,963 1,277,953 Total Operating Margin 415,047
436,972 723,860 680,607 Expenses General and administration 538,472
338,165 1,064,103 669,755 Stock compensation - 75,208 - 84,373
Interest 20,181 53,169 35,211 108,672 Depletion, depreciation,
accretion 597,425 567,442 1,149,660 1,190,883 Creditor settlements
- - Total Expenses 1,156,078 1,033,984 2,248,974 2,053,683 Net Loss
Before Tax -741,031 -597,012 -1,525,114 -1,373,076 Provision For
Taxes -197,652 -157,048 -429,792 -387,131 Net Loss -543,379
-439,964 -1,095,322 -985,945 Earnings (loss) per Class A share
Basic -0.002 -0.012 -0.005 -0.026 Fully Diluted -0.002 -0.012
-0.005 -0.026 Weighted Average Number of Class A Shares In
Thousands 244,488 38,001 236,201 38,001 Funds Flow From Operations
-165,159 25,315 -397,007 -118,143
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Second Quarter Review - During the second quarter of 2010, the
Company reviewed its management requirements with a view to
developing effective communication protocols and procedures with
its Beijing based directors and investment group. As a result, Gang
Fang, Ph.D. of Beijing was appointed as Chief Executive Officer of
the Company. Mr. Fang is in the process of relocating to Calgary. -
Also during the quarter, the Company completed the licensing
process for the drilling of its first horizontal Cardium well in
the Pembina area on Section 17, Township 45, and Range 5W5M. This
well is scheduled to commence drilling prior to the end of the
third quarter, subject to the Company finding a joint venture
partner. Outlook With conventional production from the Company's
legacy assets continuing to decline, Anterra will rely on
production growth from its higher impact resource projects in
central Alberta and Saskatchewan to create value. In the Pembina
area, the Company intends to joint venture the drilling of the
first horizontal Cardium well before preparing a development plan
for the seven sections of land it holds in the area. The Company is
also considering the drilling of a horizontal Belly River well on
its Breton property. In Saskatchewan, the Company continues to seek
a partner to participate in a 3-D seismic program on its 17 section
block of Bakken lands in the Abbott area. The management and
directors of Anterra appreciate the patience and support of
shareholders while plans are developed for the Company's resource
properties. Management is committed to achieving per share growth
for investors, through the drilling of high quality, repeatable low
risk resource projects targeting primarily oil. About Anterra
Energy Anterra Energy is an independent exploration, development
and production company with an emerging focus on the use of
advanced exploration technologies including 3-D imaging, horizontal
drilling and multi-stage completions to systematically develop its
portfolio of conventional and non-conventional oil and gas
projects. Complementing this strong exploitation and development
focus, the Company owns and operates fee-based midstream facilities
in western Canada. Anterra is a public Canadian company listed on
the TSXV under the symbol AE.A. More information about Anterra is
available on the Company's website at www.anterraenergy.com.
Neither 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. This news release contains certain forward-looking
statements, including statements regarding future operations, which
include assumptions with respect to production, future capital
expenditures, financing plans and funds flow from operations. The
reader is cautioned that assumptions used in the preparation of
such information may prove to be incorrect. All such
forward-looking statements involve substantial known and unknown
risks and uncertainties, certain of which are beyond the Company's
control. Such risks and uncertainties include, without limitation,
risks associated with oil and natural gas exploration, development,
exploitation, production, marketing and transportation, loss of
markets, volatility of commodity prices, currency fluctuations,
imprecision of reserve estimates, environmental risks, competition
from other producers, inability to retain drilling rigs and other
services, delays resulting from or inability to obtain required
regulatory approvals and ability to access sufficient capital from
internal and external sources, the impact of general economic
conditions in Canada and the United States, industry conditions,
changes in laws and regulations (including the adoption of new
environmental laws and regulations) and changes in how they are
interpreted and enforced, increased competition, the lack of
availability of qualified personnel or management, fluctuations in
foreign exchange or interest rates, and stock market volatility.
The Company's actual results, performance or achievements could
differ materially from those expressed in, or implied by, these
forward-looking statements and, accordingly, no assurances can be
given that any of the events anticipated by the forward-looking
statements will transpire or occur, or if any of them do, what
benefits, including the amount of proceeds, the Company will derive
there from. Readers are cautioned that the foregoing list of
factors is not exhaustive. All subsequent forward-looking
statements, whether written or oral, attributable to the Company or
persons acting on its behalf are expressly qualified in their
entirety by these cautionary statements. Furthermore, the
forward-looking statements contained in this news release are made
as at the date of this news release and the Company does not
undertake any obligation to update publicly or to revise any of the
included forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required
by applicable securities laws. The terms bbls, bbls/d, boe, boes or
boes/d may be misleading, particularly if used in isolation. A boe
(barrel of oil equivalent) conversion ratio of 6 mcf per one (1)
boe is based on an energy equivalency conversion method primarily
applicable at the burner tip and does not represent a value
equivalency at the wellhead. %SEDAR: 00025272E Gang Fang, Chief
Executive Officer, Anterra Energy Inc., Telephone: (403) 215-2383,
Facsimile: (403) 261-6601, E-mail: FangG@anterraenergy.com; Bill
Johnson, President and Chief Operating Officer, Anterra Energy
Inc., Telephone: (403) 215-2384, Facsimile: (403) 261-6601, E-mail:
johnsonb@anterraenergy.com
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