CALGARY, AB--(Marketwire - October 12, 2012) - Terra Nova Energy Ltd. (TSX VENTURE: TGC) ("Terra Nova" or the "Corporation") reported on September 19, 2012 that it had successfully completed the shooting of a 127 km2 3D seismic program on Petroleum Exploration License ("PEL") 112 in the Cooper Eromanga basin of South Australia. The Corporation is now pleased to announce that it has initiated the processing of this data volume, in preparation for interpretation. Preliminary results indicate very good seismic data quality in the intervals containing the exploration targets. This data was acquired to both identify new prospects and to mature numerous geological leads previously identified from 2D seismic on this block. Terra Nova anticipates seismic interpretation to be concluded and drillable locations selected by mid-December. Terra Nova is currently in the process of securing a drilling rig with plans to drill up to six wells in 2013. It is anticipated that drilling of the first well will commence in Q1 2013 on PEL 112, subject to rig availability.
On PEL 444, Terra Nova is proceeding to model a 150 km2 3D seismic program in order to secure a license to complete the project in 2013.
Very encouraging drilling results continue in the Cooper Eromanga basin on lands geologically on trend with Terra Nova's PEL 112 and PEL 444 blocks. Recent announcements by other oil and gas companies active in the Cooper Eromanga basin indicate: a new, significant oil discovery, Mustang 1, on PEL 111 (22 km from PEL 444); a successful development step-out at Butlers #5 on PEL 92 (25 km from PEL 112) and; increased drilling activity for 2013.
When asked about these positive indicators, Terra Nova's Chairman and CEO, Mr. Norman Mackenzie, stated, "Terra Nova is excited about its exploration and drilling strategy. The application of 3D seismic will dramatically increase the prospects for success in the Cooper Eromanga basin."
This news release contains forward-looking information relating to the Corporation'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. In making such forward-looking statements, the Corporation has relied upon certain assumptions relating to geological settings, commodity prices, the stability of markets and currencies, the availability of capital, and the Corporation'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 the Corporation may elect to, the Corporation is under no obligation and does not undertake to update this information at any particular time, except as required by law.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
For more information please contact:
Terra Nova Energy Ltd. is a Calgary-based oil and gas company. Its common shares trade on the TSX Venture Exchange under the symbol "TGC."
Norman J. Mackenzie
P: (403) 815-5204