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Terra Nova Energy Enters Into Agreement to Acquire an Additional 30.833% Interest in PEL 112 and PEL 444

SINGAPORE, SINGAPORE--(Marketwired - Sept. 28, 2016) - Terra Nova Energy Ltd. ("Terra Nova" or the "Company") (TSX VENTURE:TGC)(OTCQX:TNVMF) is pleased to announce that it has entered into an Agreement ("Agreement") with Perseville Investing Inc. ("Perseville") to acquire a 30.833% Working Interest ("Interest") in Petroleum Exploration License ("PEL" or "Licenses") 112 and 444, and a 1.47% gross overriding royalty interest on the PELs. The Licenses are located on the western flank of the Cooper Eromanga Basin in the State of South Australia with Terra Nova being the operator.

In consideration for the purchased Interest, Terra Nova shall issue to Perseville 40,000,000 common shares ("Shares") at a deemed price of $0.05 per share for a deemed value of $2,000,000. Perseville is controlled by Carlo Civelli. Mr. Civelli is the father of Nico Civelli, who is a member of Terra Nova's board of directors. The issuance of the Shares to Perseville is considered to be a related party transaction subject to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101. After closing of the transaction, Mr. Civelli will own, directly and indirectly, 44,545,455 common shares of Terra Nova, representing 34.93% of the then issued and outstanding common shares of Terra Nova. As a result, Terra Nova will be submitting the transaction for approval of the shareholders at its next Annual General Meeting. The transaction is subject to the approval of the TSX Venture Exchange.

Henry Aldorf, CEO of Terra Nova stated: "This agreement now gives Terra Nova a majority working interest in two licenses proximal to established hydrocarbon systems, with minimal holding costs. This also affords the Company the flexibility to evaluate strategic alternatives to share its financial and technical risks with potential partners on the exploration of these assets, while focusing our near term resources on the redevelopment of the Bobocu field, onshore Romania."

Continuation to British Columbia

Terra Nova is also pleased to announce that its board of directors have approved a change of jurisdiction from the province of Alberta to the province of British Columbia (the "Continuance"). The Continuance is subject to approval, by special resolution, of the shareholders of Terra Nova at Terra Nova's annual general and special meeting to be held on October 28, 2016 and acceptance of the TSX Venture Exchange. The details of the continuation will be set out in Terra Nova's Information Circular, which will be filed under Terra Nova's profile on www.sedar.com.

About Terra Nova Energy Ltd.


Read more at http://www.stockhouse.com/news/press-releases/2016/09/28/terra-nova-energy-enters-into-agreement-to-acquire-an-additional-30-833#AbCSWQvCSbiWjoB7.99