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Last C$0.06 CAD
Change Today 0.00 / 0.00%
Volume 0.0
As of 4:02 PM 09/30/15 All times are local (Market data is delayed by at least 15 minutes).

terra nova energy ltd (TGC) Snapshot

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10/9/14 - C$0.25
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terra nova energy ltd (TGC) Details

Terra Nova Energy Ltd. engages in the acquisition and exploration of petroleum and natural gas properties in Canada and Australia. It has a right to acquire 55% interest in two onshore petroleum exploration licenses, PEL 112 and PEL 444, which are located on the western flank of the Cooper/Eromanga Basins in the South Australia, Australia. The company was formerly known as Terra Nova Minerals Inc. and changed its name to Terra Nova Energy Ltd. in August 2012. Terra Nova Energy Ltd. was founded in 1980 and is headquartered in Calgary, Canada.

Founded in 1980

terra nova energy ltd (TGC) Top Compensated Officers

Chairman and Acting Chief Executive Officer
Total Annual Compensation: --
Compensation as of Fiscal Year 2014.

terra nova energy ltd (TGC) Key Developments

Terra Nova Mulls Acquisitions

Terra Nova Energy Ltd. (TSXV:TGC) is seeking acquisitions. Terra Nova is reviewing strategic opportunities, including corporate acquisitions, in order to enhance shareholder value.

Terra Nova Terminates Farm-In Agreement and Will Advance PEL 112 and 444 on a Pro-Rata Basis

Terra Nova Energy Ltd. announced that it has terminated its Farm-In Agreement with Holloman Energy Corporation and plans to advance its working interests in Petroleum Exploration Licenses 112 and 444 on a pro-rata basis. Terra Nova reviewed the terms of the Agreement in light of the current oil environment and concluded there is potential to generate higher returns for its shareholders by funding a proportional share in exploration costs. To date, Terra Nova has earned its initial 20.66% interest at a net cost of approximately CAD 6.2 million. The Agreement, which was negotiated in March of 2012 when oil was near CAD 100 per barrel, was estimated to require exploration expenditures of CAD 12 to 15 million in order to earn up to an additional 29.16% working interest. Terra Nova will propose to Holloman and Perseville Investing Inc. a multi-well program for completion in 2015. This program may include two to four wells at estimated total cost of CAD 5 to 10 million, of which Terra Nova’s proportional share is estimated to be CAD 1.5 to 2.0 million. Terra Nova has in excess of CAD 2.9 million in cash and is fully funded to contribute its share of exploration expenditures. In the event the other parties decline to fund exploration, Terra Nova will seek to fund up to two holes as previously announced. At present, the working interests in the PELs are divided between Holloman Energy (48.50%), Perseville (30.83%) and Terra Nova (20.66%). The parties will be subject to the Joint Operating Agreement whereby ownership representing over 51% of the PELs will vote on an operator. The operator will have the right to propose an exploration budget after which point each party must provide capital to fund its working interest. Terra Nova anticipates working with Holloman and Perseville to finalize a drilling program that would be completed in 2015. Terra Nova recently received approval to extend the deadline for exploration expenditures on PEL 444 from June 1, 2015 to January 11, 2016. PEL 112 is currently held in good standing until January 10, 2019.

Holloman Energy Corporation and Terra Nova Announce Termination of its Farm-In Agreement

Holloman Energy Corporation received notice that Terra Nova had terminated its Farm-In Agreement on Petroleum Exploration Licenses (PELs) 112 and 444. As a result of the Farm-In termination, Holloman Energy will no longer be obligated to transfer any additional working interest in PEL 112 or PEL 444 to Terra Nova. HENC is in the process of revisiting drilling plans and has already begun contacting potential drillers. The company will provide additional information as plan revisions become finalized.


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