CALGARY, Jan. 27, 2012 /CNW/ - Terrex Energy Inc. ("Terrex" or the "Company") (TSX-V: TER) announces that a special committee (the "Special Committee") of the board of directors has been formed and the Special Committee has engaged Nova Bancorp Securities Ltd. ("Nova Bancorp"), on a non-exclusive basis, to assist the Special Committee and management with an initial focus on the identification and evaluation of various future financing strategies for the Company and its enhanced oil recovery programs at Strathmore and Two Creek.
Nova Bancorp is a Non-Arm's Length Party (as the term is defined in Policy 1.1 of the TSX Venture Exchange Corporate Finance Manual) in relation to the Company because Harry Knutson is a director of both Terrex and Nova Bancorp.
Terrex Energy Inc. is a Calgary based junior oil company that focuses on the application of proven enhanced oil recovery methods to improve oil production from existing mature fields. Terrex targets underexploited and undercapitalized light to medium oil reservoirs in Western Canada. The Company's shares are listed on the TSX Venture Exchange under the trading symbol "TER".
Neither the TSX 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.
For further information:
Kim Davies, President & CEO, or Norman Knecht, VP Finance and CFO, at (403) 264-4430, or visit the Company`s website at www.terrexenergy.com