Terra Energy's History
Evolved from a private entity and grew from 0 to 1,000 boe/d
Terra Energy became publicly listed and acquired Dominion assets for $31 million which combined with existing lands formed the core Fort St. John operating area.
100 percent exploration drilling success (11 gross/ 9.8 net) with over 10 new pools discovered
Infrastructure additions including the completion of Tower-Septimus segment of South Peace River Gathering System, East Boudreau pipeline increasing production by 500 boe/d and Tower compression and dehydration facility adding another 500 boe/d of production.
Sold 110 sections of Montney P&NG mineral rights for net proceeds of ~$70 million and paid down majority of debt. Doubled Tower compression facility and gathering system.
Acquisition of Tecton energy for ~$8 million replacing all Montney rights sold the prior year for a considerably lower cost, in addition to the acquisition of other Peace River Arch assets.
Completion of asset exchange agreement, with acquisition of ~60 sections of Montney rights. Terra Energy advances Montney play in each focus area including commercial development at Groundbirch and one of the best Montney test results at Altares.
Terra Energy’s northeast British Columbia Montney assets reach approximately 140,000 net acres in the heart of the Montney Fairway.
Sale of Montney assets in Monias and Groundbirch for cash consideration of $22 million. Proceeds are utilized to reduce total indebtedness.