CALGARY, Nov. 1, 2011 /CNW/ - 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.
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
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.
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
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
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
SOURCE Terrex Energy Inc
For further information:
please contact Kim Davies, President & CEO, or Norm Knecht, VP Finance & CFO, at (403) 264-4430, or visit Terrex's website at terrexenergy.ca.