Terrex Announces Management Appointments and Operations Update
01 Novembre 2011 - 2:00PM
PR Newswire (Canada)
CALGARY, Nov. 1, 2011 /CNW/ - Terrex Energy Inc. ("Terrex" or the
"Company") 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. Operations
Update 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 recoverable reserves.
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. 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
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 competition. 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
exhaustive. 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. Terrex Energy Inc
CONTACT: please contact Kim Davies, President & CEO, or Norm
Knecht, VPFinance& CFO, at (403) 264-4430, or visit Terrex's
website at terrexenergy.ca.
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