Anterra Energy Announces CCAA Protection and Cease Trade Orders

CALGARY, ALBERTA--(Marketwired - May 6, 2016) - Anterra Energy Inc. ("Anterra" or the "Company") (TSX VENTURE:AE.A) today announces that it has obtained creditor protection uner the Companies' Creditors Arrangement Act (Canada) (the "CCAA") pursuant to an order granted on May 6, 2016 by the Court of Queen's Bench of Alberta, Judicial Centre of Calgary (the "Court"). CCAA protection stays creditors and others from enforcing rights against Anterra and affords the Company the opportunity to restructure its financial affairs.

Further, Anterra announces that on May 6, 2016, the Alberta Securities Commission issued a cease trade order (the "Alberta Cease Trade Order") against the Company for failure to file its audited annual financial statements, annual management's discussion and analysis, and related certifications, for the year ended December 31, 2015 (the "Annual Disclosure"). Anterra expects the securities regulators in each of the jurisditions in which it is a reporting issuer to issue similar orders in due course (together with the Alberta Cease Trade Order, the "Cease Trade Orders"). As a result of the Cease Trade Orders, the Company's securities have been halted from trading on the TSX Venture Exchange (the "Exchange") until such time as the Cease Trade Orders has been revoked or varied, and the Company meets Exchange requirements in relation to the reinstatement of trading. The Company intends to finalize the Annual Disclosure and once filed, Anterra will apply to the applicable securities commissions to have the Cease Trade Orders revoked.

Prior to the issuance of the Alberta Cease Trade Order, the Company arranged for a $2.5 million interim convertible loan which the lender has agreed may be used to fund the CCAA process and for related expenses.

The decision to seek CCAA protection follows an extensive review of Anterra's strategic alternatives by the Board of Directors and efforts by management to seek additional capital to restart production. Anterra's efforts to pursue strategic alternatives has been severely hindered by the unprecedented downturn in the oil and gas industry in Alberta which has impacted on the Company's ability to raise capital or to complete a sale of assets and has resulted in the company ceasing production from its properties. It was determined by the Board of Directors that, as a result of Anterra's current financial resources and the inability of the Company to complete a fulsome sale or capital raising process in sufficient time to address its financial condition, obtaining CCAA protection was in the best interests of the Company and all of its stakeholders. While under CCAA protection, Anterra intends to continue with day-to-day operations and with its efforts to pursue strategic alternatives, including securing additional capital. Anterra further expects CCAA protection will allow entities currently engaged in evaluating potential investments additional time for due diligence.