June 10, 2013 - Vancouver, British Columbia - Terra Nova Energy Ltd. (TGC.V) ("Terra Nova") reports seismic crews set camp and began line preparation on Petroleum Exploration License ("PEL") 444 on May 29, 2013. Line preparation is the initial phase of the "Wingman" 3D Seismic Survey which targets acquisition of 80 square kilometers of 3D seismic data in the southeast corner of PEL 444's lower panhandle. The scope of the Wingman Survey is designed to mature two (2) Birkhead formation exploration leads to prospect status.
As of June 4, 2013, line preparation on the Wingman Survey was 78% complete and more than 45% of seismic lines had been surveyed and pegged. The recording phase of the Wingman Survey is expected to begin on or about June 18, 2013. Terrex Pty. Ltd. ("Terrex") is the seismic contractor for the Wingman Survey. Terrex is the largest supplier of land seismic acquisition services in Australia and has been in continuous operations for more than 30 years.
Terra Nova also reports that access road construction and site preparation on PEL 112 continues on schedule. Approximately 17 kilometers (10 miles) of access road has been graded, and 12 kilometers (7.5 miles) of clayed road has been constructed. The Wolfman #1 exploration well's projected early July 2013 spud date remains unchanged.
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".
For more information please contact:
Terra Nova Energy Ltd.
+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. 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.
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