CALGARY,
Nov. 1, 2011 /PRNewswire/ - 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.
SOURCE Terrex Energy Inc