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Bought company in BC, gaining 46,011 net acres prospective for Montney shale.

Terra Energy Corp., Calgary, (Toronto Venture: TTR) acquired privately held Tecton Energy Canada ULC for C$8 million in cash and stock. Terra paid C$4 million in cash and issued $4 million in common shares priced at C$1.55 per share. Tecton assets consist primarily of 140 gross sections of P&NG mineral rights (71 net) near Fort St. John in British Columbia. These lands are either adjacent to or near acreage currently owned by Terra. The mineral rights cover approximately 89,910 gross acres (46,011 net), with Montney rights throughout and many sections in which all mineral rights are included from surface to basement. "The current economic downturn and low commodity price environment provide Terra Energy with many growth opportunities," says Terra president and chief executive Cas H. Morel. "Prior to embarking on deals which may be more oil weighted or which involve new fields of operation, the company has decided to further solidify its position in the Fort St. John area of British Columbia with this strategic acquisition."