Terra Energy Corp In Negative Territory after Announcing Fortress Energy Buy Plans; Fortress Unchanged

By Midnight Trader,  July 16, 2010, 01:10:36 PM EDT

Terra Energy Corp (TT.TO) lost its early gains and has turned negative after saying it will buy oil and gas assets from Fortress Energy (FEI.TO), including the Square Creek assets in Western Canada. The move will take its total current production to nearly 8,000 barrels of oil equivalent per day (boe/d).

Fortress is unchanged at 16 cents, despite twice running up to 19 cents and between that dipping to 15.5 cents.

Terra said it will pay $34.6 mln for the Square Creek assets, $25.6 mln in cash and $9 mln in 5 million Terra common shares valued at $1.80 each.

Fortress, which last traded at 16 cents, can lift the number of Terra common shares by up to 2 million, under the terms of the deal.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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