Terra Nova Confirms Status as Operator in PEL 112 and 444
SINGAPORE, SINGAPORE / ACCESSWIRE / May 26, 2015 / Terra Nova Energy Ltd. ("Terra Nova") (TSX-V: TGC; OTCQX: TNVMF) wishes to confirm that, notwithstanding the termination of the Farm-In Agreement, it remains operator of the joint venture to explore and develop Petroleum Exploration Licenses ("PEL") 112 and 444. By way of a Deed of Assignment and Assumption dated August 25, 2013, in respect of PEL 112, and a Deed of Assignment and Assumption dated February 15, 2014, in respect of PEL 444, (the "Deeds of Assignment") Holloman Energy Corp. ("Holloman") and the minority farmors appointed Terra Nova as operator under the Joint Operating Agreement.
Under the Deeds of Assignment and Assumption, Holloman and the minority farmors also transferred Terra Nova a 25.8333% interest in each of PEL 112 and 444. Subsequently, Terra Nova sold a 5.1666% interest to Perseville Investing Inc. ("Perseville"). As a result, Terra Nova now holds a 20.66% interest in each of PEL 112 and 444.
About Terra Nova Energy Ltd.
Terra Nova Energy Ltd. is an oil and gas company with a 20.66% working interest in two onshore petroleum exploration licenses ("PELs"), being PEL 112 and PEL 444, 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."
For more information please contact:
Investor Relations
T: +1 604 200 1039
Email: info@terranovaenergyltd.com
Nico Civelli
VP Finance
T: +65 9395 8990
Email: nico@terranovaenergyltd.com
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.
SOURCE: Terra Nova Energy Ltd.
