Terrex Energy Inc. Announces Approval of Strathmore EOR Project

CALGARY, Jan. 26 /CNW/ - Terrex Energy Inc. ("Terrex" or the "Company") (TSX-V - TER) announces ERCB approval of the Company's enhanced oil recovery "EOR" project at Strathmore.

On January 21, 2011 the Alberta Energy Resources Conservation Board (ERCB), approved Terrex's plans for an Enhanced Oil Recovery (EOR) project in southern Alberta. The project consists of a chemical alkaline surfactant polymer (ASP) flood of the Lower Mannville B Pool of the Company's 100% working interest property in the Strathmore area of southern Alberta. Field rehabilitation activities, including the re-activation of well bores and pipelines, injector well conversions, and repairs and modifications to existing facilities necessary for the EOR project are mostly complete and additional required equipment has been ordered with delivery expected by mid 2011. Chemical injection is planned to commence in the fall.

The Strathmore pool has produced nearly 5 million barrels of light oil to date and the ASP flood is expected to result in significant additional recoveries of oil.  Based upon worldwide analogues, chemical floods increase recoveries, on average, by approximately 14-15% of total oil initially in place.

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. Terrex targets underexploited and undercapitalized light-to-medium oil reservoirs in Western Canada. Terrex shares are listed on the TSX Venture Exchange under the symbol 'TER' and on the Frankfurt Exchange under the symbol 3RT.

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 the amount of oil that may be recoverable from the Strathmore property, the timing of the commencement of the chemical injection and anticipated production in respect to the Strathmore property. 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.

There can be no assurance that the plans, intentions or expectations upon which forward looking statements are based will in fact be realized. Actual results will differ, and the difference may be material and adverse to Terrex and its shareholders. Forward-looking statements are based on Terrex's current beliefs as well as assumptions made by, and information currently available to, Terrex concerning business prospects, strategies, and market conditions. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. By their very nature, forward-looking statements involve inherent risks and uncertainties (both general and specific) and risks that forward-looking statements will not be achieved. 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

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.

Profil de l'entreprise

Terrex Energy Inc

Renseignements sur cet organisme


Jetez un coup d’œil sur nos forfaits personnalisés ou créez le vôtre selon vos besoins de communication particuliers.

Commencez dès aujourd'hui .


Remplissez un formulaire d'adhésion à CNW ou communiquez avec nous au 1-877-269-7890.


Demandez plus d'informations sur les produits et services de CNW ou communiquez avec nous au 1‑877-269-7890.