Anterra Energy Inc. ("Anterra" or the "Company") (TSX VENTURE:AE.A) and Terrex
Energy Inc. ("Terrex") are pleased to jointly announce that they have entered
into an agreement (the "Arrangement Agreement") whereby Anterra will acquire
100% of the issued and outstanding common shares in the capital of Terrex
("Terrex Shares"), in exchange for Class A common shares in the capital of
Anterra ("Anterra Shares"), by way of a statutory plan of arrangement (the
"Arrangement"). The transaction is expected to close in the first quarter of
2013 provided all required Terrex securityholder, court and regulatory approvals
are obtained.


Under the terms of the Arrangement, holders of Terrex shares ("Terrex
Shareholders") will receive, in exchange for each Terrex Share held, 0.307 of an
Anterra Share (the "Exchange Ratio"). The Exchange Ratio was determined by arm's
length negotiations among the parties. All holders of Terrex warrants will
receive replacement Anterra warrants which will entitle the holder to acquire
Anterra Shares equal to that number of Terrex Shares which were otherwise
issuable upon exercise of the Terrex warrants previously held, multiplied by the
Exchange Ratio, with the exercise price adjusted accordingly. 


Anterra also announces it has signed a term sheet for a private placement
financing of $7 million comprised of 107,692,308 Anterra Shares to be issued at
a price of $0.065 to LandOcean Energy Services Co., Ltd., a Beijing-based
international oilfield services company ("LandOcean"), a party at arm's length
to both Anterra and Terrex. As a condition to the closing of the private
placement, LandOcean shall have the right to appoint two additional directors to
the board of directors of Anterra. Anterra has agreed to pay a finder's fee and
issue 1,000,000 broker's warrants, exercisable for Anterra Shares at a price of
$0.10 for a period of 2 years, in connection with the private placement. 


Anterra's existing executive team, led by Dr. Gang Fang, will manage the
combined company (the "Combined Company"). At closing, the Combined Company will
have approximately 391,461,321 shares outstanding with former Terrex
shareholders and creditors owning approximately 10% of the Combined Company. The
Combined Company is expected to benefit from operational efficiencies, a
stronger balance sheet and a larger portfolio of properties for future
exploration and development.


The Combined Company's capital expenditures will continue to be focused in the
Cardium light oil resource play and the Breton Belly River exploitation project
in the Pembina area of central Alberta and the Bakken light oil play in Abbott,
Saskatchewan as well as Terrex's properties in Two Creek and Strathmore,
Alberta. The Combined Company's lower risk "oily" development drilling inventory
and the high netback potential of these projects is expected to provide
predictable cash flow for further capital investment. In addition, the Combined
Company will look for opportunities to acquire stable, low decline assets with
attractive netbacks. 


In connection with the completion of the Arrangement, Terrex and Anterra have
entered into a settlement agreement (the "Settlement Agreement") with Sandstorm
Metals & Energy Ltd. and 0905896 BC Ltd. (collectively, "Sandstorm"). Pursuant
to the Settlement Agreement, the obligations of Terrex (other than the delivery
of purchased production) under the hydrocarbon purchase agreement dated March
18, 2011 between Terrex and Sandstorm are suspended, as are the enforcement
proceedings initiated by Sandstorm on Terrex's default under the agreement.
Sandstorm has advanced $500,000 to Terrex on a non-refundable basis for working
capital until March 31, 2013. At the closing of the Arrangement, the hydrocarbon
purchase agreement will be terminated in exchange for the following
consideration to Sandstorm: a payment of $3.5 million cash, to be funded by
Anterra, the delivery of certain equipment from Terrex having a value of $3
million, the issuance by Anterra of a $4 million principal amount, 5 year
secured convertible debenture (bearing interest at 6% and convertible at $0.09
per Anterra Share), the issuance of 20,801,303 Terrex Shares (which shall be
exchanged for approximately 6.39 million Anterra Shares under the Arrangement),
and the issuance of 3 million Anterra Shares. The terms of the Settlement
Agreement remain subject to the acceptance of the TSX Venture Exchange.


The Arrangement Agreement also contemplates the issuance by Terrex of an
aggregate of 8.2 million Terrex Shares to current and former officers and
employees in settlement of severance obligations and success fees that would
otherwise be payable on completion of the Arrangement. 


The Terrex Board of Directors has unanimously determined that the Arrangement is
in the best interests of Terrex and that the consideration being offered to
Terrex Shareholders is fair to the Terrex Shareholders. The Terrex Board has
resolved to unanimously recommend that Terrex Shareholders and Terrex
warrantholders vote their shares and warrants in favour of the Arrangement at
the special meeting (the "Terrex Meeting") of Terrex Shareholders and
warrantholders (voting together as a single class) to be held on or about March
31, 2013. 


The directors and senior officers of Terrex have entered into support agreements
with Anterra to vote their Terrex Shares and Terrex warrants in favour of the
Arrangement at the Terrex Meeting.


The Arrangement Agreement provides for, among other things, a non-solicitation
covenant on the part of Terrex that entitles Terrex to consider and accept a
superior proposal and a right in favour of Anterra to match any superior
proposal. If the Arrangement Agreement is terminated in certain circumstances,
including if Terrex enters into an agreement with respect to a superior proposal
or if the Board of Directors of Terrex withdraws or modifies its recommendation
with respect to the proposed transaction, Anterra is entitled to a termination
payment in cash of $400,000. Additionally, Terrex is entitled to a termination
payment of $400,000 in certain circumstances as described in the Arrangement
Agreement. A complete copy of the Arrangement Agreement will be available under
each of Anterra's and Terrex's issuer profiles on SEDAR at www.sedar.com.


Completion of the transaction is subject to customary closing conditions,
including: court approval of the Arrangement; approval of two-thirds of the
votes cast by holders of Terrex Shares and Terrex warrants (voting together as a
single class) in person or by proxy at the Terrex Meeting; approval of a
majority of the votes cast by disinterested holders of Terrex Shares and Terrex
warrants in person or by proxy at the Terrex Meeting, and applicable government
and regulatory approvals by, among others, the TSX Venture Exchange ("TSXV") and
relevant Canadian governmental authorities. It is expected that, upon successful
completion of the Arrangement, the Terrex Shares would be delisted from the
TSXV.


Full details of the transaction will be included in the information circular to
be mailed to Terrex Shareholders and warrantholders in accordance with
applicable securities laws. A copy of the information circular and related
documents will be filed under Terrex's issuer profile on SEDAR at www.sedar.com.


The Anterra Shares and the Terrex Shares are expected to resume trading upon
completion by the TSXV of its review of the terms of the proposed financing by
Anterra, including the addition of the proposed new directors of Anterra.
Anterra and Terrex will provide an update regarding the dates that the Anterra
Shares and Terrex Shares will resume trading.


About Anterra Energy Inc.

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.


About Terrex Energy Inc.

Terrex Energy Inc. is a Calgary based junior oil company that focuses on the
application of proven enhanced oil recovery ("EOR") methods to improve oil
production from existing mature fields. Terrex targets underexploited and
undercapitalized light to medium oil reservoirs in Western Canada. The Company's
shares are listed on the TSXV under the trading symbol "TER".


Forward-Looking Information and Cautionary Statements

This press release contains forward-looking information and statements within
the meaning of applicable securities laws and are based on the expectations,
estimates and projections of management of Anterra and Terrex as of the date of
this news release unless otherwise stated. The use of any of the words "expect",
"anticipate", "continue", "estimate", "objective", "ongoing", "may", "will",
"project", "should", "believe", "plans", "intends" and similar expressions are
intended to identify forward-looking information or statements. More
particularly and without limitation, this press release contains forward-looking
information and statements concerning: the anticipated benefits of the
Arrangement to Anterra and Terrex and their respective shareholders, including
anticipated synergies; the anticipated cash flow of the Company
post-Arrangement, the timing and anticipated receipt of required regulatory,
court and securityholder approvals for the transaction; the ability of Anterra
and Terrex to satisfy the other conditions to, and to complete, the Arrangement;
the anticipated timing of the mailing of the information circular regarding the
Arrangement, the proposed terms of the financing by Anterra, the holding of the
Terrex Meeting and the closing of the Arrangement.


In respect of the forward-looking information and statements concerning the
anticipated benefits and completion of the proposed Arrangement and the
anticipated timing for completion of the Arrangement, Anterra and Terrex have
provided such in reliance on certain assumptions that it believes are reasonable
at this time, including assumptions as to the time required to prepare and mail
securityholder meeting materials, including the required information circular;
the ability of Anterra and Terrex to receive, in a timely manner, the necessary
government, regulatory, court, securityholder, stock exchange and other third
party approvals; the ability of Anterra and Terrex to satisfy, in a timely
manner, the other conditions to the closing of the Arrangement; and expectations
and assumptions concerning, among other things: commodity prices and interest;
planned synergies, capital efficiencies and cost-savings; anticipated cash flow
of the Company following the Arrangement; applicable tax laws; future production
rates; the sufficiency of budgeted capital expenditures in carrying out planned
activities; and the availability and cost of labour and services. The
anticipated dates provided may change for a number of reasons, including
unforeseen delays in preparing meeting materials, inability to secure necessary
securityholder, government, regulatory, court or other third party approvals in
the time assumed or the need for additional time to satisfy the other conditions
to the completion of the Arrangement. Accordingly, readers should not place
undue reliance on the forward-looking information and statements contained in
this press release. In respect of the forward-looking information and
statements, Anterra and Terrex have provided such in reliance on certain
assumptions that it believes are reasonable at this time, including assumptions
in respect of: the expected terms of the Anterra financing, prevailing commodity
prices, margins and exchange rates; that Anterra's future results of operations
will be consistent with past performance and management expectations in relation
thereto; the continued availability of capital at attractive prices to fund
future capital requirements relating to existing assets and projects, including
but not limited to future capital expenditures relating to expansion, upgrades
and maintenance shutdowns; the success of growth projects; future operating
costs; that counterparties to material agreements will continue to perform in a
timely manner; that there are no unforeseen events preventing the performance of
contracts; and that there are no unforeseen material construction or other costs
related to current growth projects or current operations. 


Since forward-looking information and statements address future events and
conditions, by their very nature they involve inherent risks and uncertainties.
Actual results could differ materially from those currently anticipated due to a
number of factors and risks. These include, but are not limited to the risks
associated with the industries in which Anterra and Terrex operate in general
such as: operational risks; delays or changes in plans with respect to growth
projects or capital expenditures; costs and expenses; health, safety and
environmental risks; commodity price, interest rate and exchange rate
fluctuations; environmental risks; competition; failure to realize the
anticipated benefits of the Arrangement and to successfully integrate Terrex and
Anterra; failure of Anterra to close the Anterra financing on the terms set
forth herein or at all, however, the financing is not a condition to the
completion of the Arrangement; ability to access sufficient capital from
internal and external sources; and changes in legislation, including but not
limited to tax laws and environmental regulations. Risks and uncertainties
inherent in the nature of the Arrangement include the failure of Anterra or
Terrex to obtain necessary securityholder, government, regulatory, court and
other third party approvals, or to otherwise satisfy the conditions to the
Arrangement, in a timely manner, or at all. Failure to so obtain such approvals,
or the failure of Anterra or Terrex to otherwise satisfy the conditions to the
Arrangement, may result in the Arrangement not being completed on the proposed
terms, or at all.


Readers are cautioned that the foregoing list of factors is not exhaustive.
Additional information on other factors that could affect the operations or
financial results of Anterra, Terrex and the combined company, are included in
reports on file with applicable securities regulatory authorities, including but
not limited to; Anterra's management's discussion and analysis of the results
for the year ended December 31, 2011 which may be accessed on Anterra's SEDAR
profile at www.sedar.com and the Annual Information Form of Terrex for the year
ended December 31, 2011 which may be accessed on Terrex's SEDAR profile.


The forward-looking information and statements contained in this press release
are made as of the date hereof and Anterra undertakes no obligation to update
publicly or revise any forward-looking information or statements, whether as a
result of new information, future events or otherwise, unless so required by
applicable securities laws.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Anterra Energy Inc.
Gang Fang
Chief Executive Officer
(403) 215-2383
(403) 261-6601 (FAX)
fangg@anterraenergy.com


Anterra Energy Inc.
Owen C. Pinnell
Chairman
(403) 215-2427
(403) 261-6601 (FAX)
pinnello@anterraenergy.com


Terrex Energy Inc.
Jonathan Lexier
President & CEO
(403) 264-4430


Terrex Energy Inc.
Norman Knecht
VP Finance and CFO
(403) 264-4430
www.terrexenergy.ca