Rara Terra Minerals Corp. announced that it has drilled, logged and cased the Lynd 36-1 well announced on November 16, 2012 as a potentially economic oil well. Completion of the Lynd 36-1 well is underway and results of the completion will be reported in due course. The company also reported that it intends to start drilling a second well (Lynd 36-2) on the land associated with the working interest purchased in the first transaction before February 1, 2013.

The company also reported that Fraser Atkinson has resigned from Rara Terra's Board of Directors effective immediately to pursue other business opportunities.