Terra Nova Earns 25.8333% Working Interest in PEL 444admin
February 26, 2014 – Vancouver, British Columbia – Terra Nova Energy Ltd. ("Terra Nova") (TSX-V: TGC OTCQX: TNVMF) is pleased to announce that it has earned a 25.8333% working interest in Petroleum Exploration Licence ("PEL") 444 as a result of delivering the Wingman 3D seismic survey to the owners of PEL 444.
Earning a 25.833% interest in PEL 444 meets a corporate milestone of Terra Nova. Management is currently assessing the next steps to advance the exploration program, including integrating the Wingman 3D seismic survey with the 2005 2D seismic data.
About PEL 444
PEL 444 is located in the prospective "Western Oil Fairway" of the Cooper/Eromanga Basin in South Australia, where 22 oil fields have been discovered in the last eight years; current production exceeds 15,000 barrels of oil per day. Oil has been encountered in the Namur Sandstone and in channel sandstones of the Birkhead Formation within both structural and stratigraphic trapping configurations. The application of 3D geophysical data in prospecting for hydrocarbon has been instrumental to exploration success given the low structural relief and/or stratigraphic nature of hydrocarbon accumulation in this part of the basin.
About Terra Nova Energy Ltd.
Terra Nova Energy Ltd. is an oil and gas company with a right to acquire up to a 55% 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:
Terra Nova Energy Ltd.
Chief Financial Officer
T: 604-806-0626 ext. 101
T: +41 44 217 4804
Forward looking information
This news release contains forward-looking information relating to Terra Nova’s intentions to conduct the seismic program and subsequent 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, the availability of capital, and Terra Nova’s ability 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.
Posted: February 26th, 2014 under ACCESSWIRE.