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Between fiscal year 1971 and February 29, 1976,
Terra’s reserves, including those held by a subsidiary and
a joint venture, increased from 25,486,542 barrels of crude
oil and 92,050 million cubic feet of natural gas to
31,052,598 barrels of crude oil and 131,616 million cubic
feet of natural gas.
In 1978, Mr. Rader became primarily responsible for
petitioner’s petroleum operations. From 1978 until 1980,
Mr. Rader held various positions with both Terra and
petitioner. Prior to Mr. Rader’s employment, Terra focused
primarily on acquiring established producing properties.
However, Mr. Rader believed that it was in petitioner’s
best interest to combine all of its production activities
into one company and to shift its emphasis and focus on
exploring for new properties. Under Mr. Rader’s direction,
Terra hired a number of geologists, geophysicists, and
other personnel needed for crude oil exploration. Terra
also expanded its operations into new geographical areas
and began offshore exploration activities.
On September 1, 1977, Terra sold all of the common
stock it held in Northern Terra Resources, Inc., which
owned oil producing assets in Canada. During 1977, Terra
also sold production assets located in North Dakota.
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