PanTerra Increases Credit Facilities
TSX-V: PRC
CALGARY, Oct. 5, 2011 /CNW/ - PanTerra Resource Corp.
('PanTerra' or the 'Company') announces that its lender, the Canadian Western Bank, has completed a review of the Company's credit facilities resulting in an increase in the facilities from $1,000,000 to $3,750,000. The credit facilities consist of a $3,000,000 demand revolving credit facility and a $750,000 demand non-revolving, acquisition /development credit facility. The facility will be increased immediately and the terms of the facility remain unchanged. The additional credit facility further strengthens the Company's financial position, which will provide increased flexibility as the Company advances with its development projects and facilities upgrade in Central Alberta.About PanTerra
PanTerra is a diversified junior public oil and gas company listed on the Toronto Venture Exchange 'TSXV' and trades under the symbol 'PRC'. The Company has holdings in both conventional and unconventional projects in Western Canada. The Company has a current operated production base of approximately 150 BOPD and 100 Mcf/d gas (based on field estimates) with excellent optimization and exploitation potential. Additionally PanTerra holds 'rights' in approximately 120,000 acres in various properties in Western Canada.
Company information can be found at:www.panterraresource.com.
This press release contains certain forward-looking statements within the meaning of applicable securities law. Forward-looking statements are frequently characterized by words such as 'plan', 'expect', 'project', 'intend', 'believe', 'anticipate', 'estimate' and other similar words, or statements that certain events or conditions 'may' or 'will' occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Company cannot assure that actual results will be consistent with these forward looking statements. They are made as of the date hereof and are subject to change and the Company assumes no obligation to revise or update them to reflect new circumstances, except as required by law. Prospective investors should not place undue reliance on forward looking statements. These factors include the inherent risks involved in the exploration for and development of crude oil and natural gas properties, the uncertainties involved in interpreting drilling results and other geological and geophysical data, fluctuating energy prices, the possibility of cost overruns or unanticipated costs or delays and other uncertainties associated with the oil and gas industry. Due to the nature of the oil and natural gas industry, budgets are regularly reviewed in light of the success of the expenditures and other opportunities which may become available to the Company.
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.
PanTerra Resource Corp.
CONTACT:
Fred P. Rumak P.Geol. Jake Pronk P. Geol
President and C.E.O. V.P. Exploration
403-261-5900 403-261-5900
Email: fred@panterraresource.com Email: jake@panterraresource.com
