EANS-News: Terrex Announces Management Appointments and Operations Update
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Board of Directors (Appointments and Changes)
Calgary (euro adhoc) - Terrex Energy Inc. ("Terrex" or the "Company") (TSX-V:
TER) is pleased to announce the strengthening of its management and technical
teams through the addition of Mr. Tony Berthelet, P. Eng., and Mr. Marten
Perdue, P. Eng. and provide a brief update on its enhanced oil recovery (EOR)
projects at Strathmore and Two Creek in Alberta.
Mr. Berthelet is joining Terrex in the position of Vice-President, Operations
and Production. He is a professional engineer with 14 years of production and
operation engineering experience with expertise in the delivery of water floods
and EOR projects in Canada and internationally. He was most recently Business
Unit Manager - Oil and EOR for an intermediate independent oil and gas company
where he led a team of 60 professionals producing 28,000 barrels of oil
equivalent. Tony has had increasing levels of responsibilities as an engineer at
several previous companies. Tony is a registered Professional Engineer with
APEGGA and a registered Project Management Professional (PMP) with the Project
Management Institute (PMI). He graduated from the University of Saskatchewan in
1998 with a B.Sc. in Geological Engineering.
In conjunction with this announcement, and in accordance with the company's
previously approved stock option plan, the board of directors granted 1.2
million options to Mr. Berthelet to purchase common shares in the capital of the
company. The options each have an exercise price of 13 cents per share, are
exercisable for a period of five years and vest in one-third increments with
one-third vesting immediately and the remainder on the first and second
anniversaries from the date of grant. This grant of options is subject to
acceptance by the TSX Venture Exchange.
Mr. Perdue has accepted the position of Sr. Operations Manager with
responsibility for the construction and commissioning of the Company ASP
facilities at Strathmore. Marten is a professional engineer with over 25 years
of experience with expertise in facilities, operations and project management.
Marten has worked for several major and junior oil and gas companies and has
been responsible for the planning, execution and start-up of multiple
multi-million dollar development and infra-structure projects. He graduated from
the University of Alberta in 1985 with a B.Sc. in Mechanical Engineering.
Operations Update
The Strathmore Chemical EOR facilities and water treatment plant builds are
complete; and will be moved in place when site readiness is finished. We expect
to begin this construction at the end of November 2011 with chemical injection
and the restart of the water flood anticipated to begin early in 2012.
At Two Creek, technical evaluations of the A and B Pools are underway to design
the optimal EOR development plans. Two horizontal in-fill drill sites for wells
are being readied to better develop the A Pool and add additional production
prior to implementing the EOR programs.
The Strathmore and Two Creek properties are characterized by large original
oil-in-place reservoirs of about 20 million barrels each according to the ERCB,
with relatively low recoveries to date, of approximately 25 per cent and 12
percent respectively. We believe that optimization and enhanced oil recovery
programs, consistent with our overall business plan, can significantly increase
production and recoverable reserves.
Additionally, Terrex continues to identify and assess potential property
acquisitions that are appropriate for enhanced oil recovery and production
optimization. Terrex looks to take advantage of high impact and large original
oil-in-place reservoirs and existing infrastructure.
About Terrex Energy Inc.
Terrex Energy Inc. is a Calgary-based junior oil company that specializes in the
application of proven Enhanced Oil Recovery (EOR) methods to improve oil
production from mature pools. We target underexploited and undercapitalized
light-to-medium oil reservoirs in Western Canada. Our shares are listed on the
TSX Venture Exchange under the symbol 'TER'.
Neither the TSV Venture Exchange nor its Regulation Service Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains certain forward-looking statements and
forward-looking information (collectively referred to herein as "forward-looking
statements") within the meaning of Canadian securities laws. All statements
other than statements of historical fact are forward-looking statements. In
particular, this press release contains forward-looking statements pertaining to
expectations of management regarding the the characteristics of the property,
including the expectation that the property will be a good candidate for
Improved and Enhanced Oil Recovery programs; the expected timing of the
planning, evaluation and development of the programs, and the success of such
programs. In addition, statements relating to "reserves" are deemed to be
forward-looking statements as they involve the implied assessment, based on
certain estimates and assumptions, that the reserves described exist in the
quantities predicted or estimated and can be profitably produced in the future.
Undue reliance should not be placed on forward-looking statements, which are
inherently uncertain, are based on estimates and assumptions, and are subject to
known and unknown risks and uncertainties (both general and specific) that
contribute to the possibility that the future events or circumstances
contemplated by the forward-looking statements will not occur. Assumptions
include, among other things: future capital expenditure levels; the ability to
secure regulatory approval, future oil and natural gas prices; future oil and
natural gas production levels; the success of IOR and EOR programs; the ability
to obtain equipment in a timely manner to carry out development activities; the
ability to market oil and natural gas successfully; and the impact of increasing
competition.
Although Terrex believes that the expectations reflected in the forward looking
statements contained in this press release, and the assumptions on which such
forward-looking statements are made, are reasonable, there can be no assurance
that such expectations will prove to be correct. Readers are cautioned not to
place undue reliance on forward-looking statements included in this document, as
there can be no assurance that the plans, intentions or expectations upon which
the forward-looking statements are based will occur. By their nature,
forward-looking statements involve numerous assumptions, known and unknown risks
and uncertainties that contribute to the possibility that the predictions,
forecasts, projections and other forward-looking statements will not occur,
which may cause Terrex's actual performance and results in future periods to
differ materially from any estimates or projections of future performance or
results expressed or implied by such forward-looking statements. These risks and
uncertainties include, among other things, the following: volatility in market
prices for oil and natural gas; failure to complete planned financing
activities; general economic conditions in Canada; and the other factors.
Readers are cautioned that this list of risk factors should not be construed as
exhaustive.
The forward-looking statements contained in this news release are made as of the
date hereof and Terrex does not undertake any obligation to update publicly or
to revise any of the included forward-looking statements, except as required by
applicable law. The forward-looking statements contained herein are expressly
qualified by this cautionary statement.
Further inquiry note:
please contact Kim Davies, President & CEO, or Norm Knecht, VP Finance & CFO, at
(403) 264-4430, or visit Terrex's website at terrexenergy.ca.
end of announcement euro adhoc
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company: Terrex Energy Inc
950, 630 - 6 Avenue S.W.
CA-T2P 0S8 Calgary
phone: +1-403-264-4430
WWW: http://www.terrexenergy.ca/
sector: Oil & Gas - Upstream activities
ISIN: CA8814551096
indexes:
stockmarkets: stock market: Frankfurt
language: English
