Canadian oil exploration company Terra Energy has terminated the employment of most of its staff after been ordered by its lender Canadian Western Bank to repay in full it outstanding debt of $15.9million plus interest, by March 28.
The company said most of its employees had lost their jobs, with the exception of personnel engaged in the shutting-in of its operated licensed wells and facilities.
Terra has undertaken a process of shutting-in all of its operated/licensed wells and facilities in order to secure and enhance the safety of its operations.
Its operations are concentrated primarily in northeastern British Columbia and the Peace River Arch region of Alberta.
In addition, Terra said CWB has provided Terra and each of its guarantors with a notice of Intention to Enforce Security pursuant to subsection 244(1) of the Bankruptcy and Insolvency Act (Canada).