Enterra Announces Consolidating Acquisition of Production in Oklahoma
NYSE: ENT
TSX: ENT.UN, ENT.DB, ENT.DB.A
"This acquisition is valuable to Enterra because it increases the Trust's working interest in well bores already operated by the Trust and will enhance Enterra's working interest in future drilling in the Hunton area", commented Don Klapko, Chief Executive Officer of Enterra, "Enterra's Oklahoma operation, and specifically the Hunton resource play, is a key focus area currently representing approximately half of Enterra's total production. The economics of this play have proved very positive for Enterra, with a 97% drilling success rate in the area to date and low finding and development costs. The Trust also has more than 50 drilling prospects identified in this area.
"The combined consideration for the transaction is cash and cash equivalents of $US 6 million, and 2 million trust units.
About Enterra Energy Trust
Enterra is an exploration and production oil and gas trust based in
Forward-Looking Statements
Certain information in this press release constitutes forward-looking statements under applicable securities law. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may," "should," "anticipate," "expects," "seeks" and similar expressions. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with oil and gas production; marketing and transportation; loss of markets; volatility of commodity prices; currency and interest rate fluctuations; imprecision of reserve estimates; environmental risks; competition; incorrect assessment of the value of acquisitions; failure to realize the anticipated benefits of acquisitions or dispositions; inability to access sufficient capital from internal and external sources; changes in legislation, including but not limited to income tax, environmental laws and regulatory matters. Readers are cautioned that the foregoing list of factors is not exhaustive.
Readers are cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
Additional information on these and other factors that could affect Enterra's operations or financial results are included in Enterra's reports on file with Canadian and U.S. securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com), the SEC's website (www.sec.gov), Enterra's website (www.enterraenergy.com) or by contacting Enterra. Furthermore, the forward looking statements contained in this news release are made as of the date of this news release, and Enterra does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.
For further information: Enterra Energy Trust, Blaine Boerchers, Chief Financial Officer, (403) 263-0262 or (877) 262-0262, Email: [email protected], Website: www.enterraenergy.com
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