Terrex Energy Inc. announces closing of private placement and TSX-Venture
Exchange listing

/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR RELEASE TO US NEWS WIRE SERVICES/

CALGARY, June 23 /CNW/ - Terrex Energy Inc. ("Terrex") announces the issuance of 37,933,646 common shares for proceeds of $7,251,230 and the listing of its shares for trading on the TSX Venture Exchange.

Private Placement

Pursuant to its previously announced private placement offering of $5 to $10 million, Terrex raised $7,251,230 gross proceeds on the issuance of 28,593,438 common shares and 9,340,208 common shares issued on a "flow through" basis under the Income Tax Act (Canada) at issue prices of $0.185 and $0.21 per share, respectively. Management and Directors took up 18.7% of the private placement. All of the common shares issued pursuant to the placement are subject to a four month statutory hold period.

The net proceeds of the offering assisted Terrex in satisfying the listing requirements of the Exchange and will be used to commence an enhanced oil recovery program on its Strathmore property in southern Alberta; and to assist in identifying and acquiring, through acquisitions, joint ventures or participation arrangements, interests in additional properties where oil exploitation potential has been identified by management.

The common shares of Terrex have been approved for listing on the Exchange and are expected to commence trading on June 23, 2010 under the trading symbol "TER".

Participation of Macquarie

Macquarie Resource Capital Canada Ltd, ("Macquarie"), an indirect, wholly owned subsidiary of Macquarie Group Limited, participated in the private placement and has acquired a 9.9% ownership in Terrex. Additionally, Terrex and Macquarie have reached an understanding whereby Macquarie has the right to subscribe for additional common shares, such that their total investment in Terrex would equal $4 million. This subsequent private placement is to be completed by August 20, 2010 and would be at a price equal to a 10-day volume weighted average trading price of the common shares (the "Trading Price"), less the permitted market discount rate of 25%, subject to a minimum price of $0.185 per share. Concurrent with any closing of this subsequent private placement, Terrex would also issue to Macquarie share purchase warrants to acquire up to 2 million common shares of Terrex at an exercise price equal to the greater of the Trading Price or $0.185. The purchase warrants will expire five years from the date of grant and are subject to vesting provisions.

SEDAR Filing

Terrex also announces that it has filed its unaudited interim financial statements for the period ended March 31, 2010 on SEDAR at www.sedar.com.

Terrex Energy Inc. is a Calgary, Alberta based company engaged in the exploration for, and development and production of petroleum and natural gas in the Western Canadian Sedimentary Basin. The Company is primarily focused on a strategy of growing reserves and production through applying proven, improved and enhanced oil recovery technologies to existing under-exploited, large original oil in-place medium and light oil reservoirs.

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Forward-Looking Statements

Certain information set out in this news release constitutes forward-looking information. Forward looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "believe" and similar expressions. In particular, this news release contains the following forward-looking statements in respect of an additional closing of the private placement, the listing of the Terrex shares on the Exchange and the use of the proceeds from the private placement. Forward-looking statements are based upon the opinions and expectations of management of Terrex as at the effective date of such statements and, in certain cases, information provided or disseminated by third parties. Although Terrex believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. With respect to forward-looking statements contained in this news release, Terrex has made assumptions regarding, among other things, the proceeds from the private placement, subscriptions for additional shares pursuant to the private placement, and the listing of the shares of Terrex on the Exchange. Although Terrex believes that the expectations reflected in the forward-looking statements contained in this document, 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 actual 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. Readers are cautioned that this list of risk factors should not be construed as exhaustive. These statements are made as at the date of this news release and, except as required by applicable law, Terrex does not intend to update any of the forward-looking statements to confirm these statements or actual results.

SOURCE Terrex Energy Inc.

For further information: For further information: Kim Davies, President & CEO, or Norm Knecht, VP Finance & CFO, at (403) 264-4430, or visit Terrex's website at www.terrexenergy.ca

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