Terra Resources, PLC Announces Financing
By Terra Resources Plc, PRNETuesday, July 19, 2011
FRANKFURT, Germany, July 20, 2011 -
Terra Resources, PLC, a London, UK based independent oil and gas
company listed on the Frankfurt Stock Exchange under the trading
symbol “T31″ (”Terra Resources” or the “Company”) announced that it
has completed a financing round with private investors to move
towards its goals of initiating production of its Russian oil and
gas fields.
(Logo:
Terra Resources has finalized an initial round of $7 Million in
equity funding, with an additional funding of up to $4 Million
available to the Company in the event it requires more capital to
complete the initial phases of its work program developed by Baker
Hughes.
“Having selected one of the best operators in the region and
securing initial capital from investors who know us well and have
worked with us, we are excited to move towards uncapping the
existing wells and delivering maximum value to our shareholders,”
explains Charles Salisbury, Terra Resources’ Secretary and
Director.
About Terra Resources, PLC Terra Resources acquired
substantial oil and gas concessions in the North Caspian Region -
Kalmykia, Russia. The fields contain 64 wells, of which 62
were producing. The wells were capped and remained non-productive
because of previous low gas prices and technology that could not
handle the volume produced by high pressure wells. With new skilled
management and an experienced operator, Terra Resources plans to
open the wells again, and secure transportation via newly built gas
and oil pipeline. Of the 62 producing wells, 7 are listed as
potential “Super Giant” find based upon Subsalt discovery, outlined
in the new 51-101 Competent Person’s Report prepared by Chapman
Petroleum Engineering, Ltd. This report concludes with a “best
case” reserve estimate of the concession value at $7 to $11
Billion, with an estimated $175 million development costs over the
life of the reserves.
Forward Looking Statements This press release contains
forward-looking statements, which express the current beliefs and
expectations of the management of Terra Resources, PLC. Such
statements are based on current expectations and are subject to
risks and uncertainties, many of which are beyond our control, and
could cause future results, performance, and achievements to differ
significantly from the results, performance or achievements
expressed or implied by such forward-looking statements.
Actual results could differ materially depending on a number
of factors, and we caution investors not to place undue reliance on
the forward-looking statements contained in this press release.
These risks and uncertainties include, but are not limited
to, economic conditions, the regulatory environment, loan
concentrations, vendors, employees, technology, competition, and
interest rates. Forward-looking statements speak only as of the
date on which they are made and TERRA RESOURCES, PLC undertakes no
obligation to update these forward-looking statements, even if new
information becomes available in the future.
Terra Resources, PLC, +44-1372-897147, Investor Relations, info at terraresourcesplc.com
Tags: Frankfurt, Germany, July 20, Terra Resources Plc
