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.
SOURCE Terrex Energy Inc
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