CALGARY, ALBERTA--(Marketwire - July
30, 2009) - Enterra Energy Trust ("Enterra" or the
"Trust") has purchased approximately 270 boepd of production
from partners in its existing Hunton development operation in Oklahoma
and the deal closed on July 28, 2009. All of the production is from
well bores which are operated by Enterra and in which the Trust has an
existing interest. The acquisition also allows for a larger go forward
interest in future drilling in this area.
"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
Calgary, Alberta, Canada with its United States operations office
located in Oklahoma City, Oklahoma. Enterra's trust units and
debentures are listed on the Toronto Stock Exchange under the symbols
(TSX:ENT.UN) (TSX:ENT.DB) (TSX:ENT.DB.A) and Enterra's trust units are
listed on the New York Stock Exchange under the symbol (NYSE:ENT). The Trust's portfolio of
oil and gas properties is geographically diversified with producing
properties located principally in Alberta, British Columbia,
Saskatchewan and Oklahoma. Production is comprised of approximately 58
percent natural gas and 42 percent crude oil and natural gas liquids.
Enterra has compiled a multi-year drilling inventory for its
properties.
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.
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