Terrex Energy Inc. Announces Annual General Meeting Date and Provides an Update on Special Committee Activities
July 17 2012 - 5:00PM
PR Newswire (Canada)
CALGARY, July 17, 2012 /CNW/ - Terrex Energy Inc. ("Terrex" or the
"Company") is pleased to announce that the Annual General Meeting
(AGM) of the shareholders of the Company will be held on August 17,
2012, at the offices of Burstall Winger LLP, located at 1600, 333 -
7 Avenue S.W., Calgary, Alberta, at 10:30 a.m. MDT. The Company
would also like provide an update on the activities of the Special
Committee. On January 27, Terrex announced that a special committee
(the "Special Committee") of the board of directors had been formed
and that the Special Committee had engaged Nova Bancorp Securities
Ltd. ("Nova Bancorp") as a non-exclusive financial advisor. The
Special Committee and management are continuing to consider all
possible strategic alternatives for the Company for the purpose of
maximizing shareholder value. Management has been in discussions
with a select number of oil & gas and investment companies
regarding possible investment or financing transactions. It is
expected that this process will continue for some time and Terrex
will provide further updates on this process once available. In a
Letter to Shareholders released today, Jonathan Lexier, President
& CEO stated that the Company is "focusing on potential
investors that have capital to deploy in the oil sector, have a
value mandate, are EOR (Enhanced Oil Recovery) savvy, and hold a
long term investment view". He goes on to say that "The Terrex
team is working very hard and expeditiously with the Special
Committee of the Board of Directors, and with our advisors toward a
result that will maximize value for our shareholders." Today Terrex
unveiled a revised website which can be accessed at:
www.terrexenergy.ca. The website is easier to navigate and
sets out more clearly and succinctly information pertinent to
investors. The revised website includes the full text of Mr.
Lexier's Letter to Shareholders. ABOUT TERREX Terrex Energy Inc. is
a Calgary based junior oil company that focuses on 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.
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. ADVISORIES Basis of
Presentation Production and reserve information is commonly
expressed in units of a barrel of oil equivalent ("Boe"). For
purposes of computing such units, natural gas is converted to
equivalent barrels of crude oil using a conversion factor of six
thousand cubic feet of natural gas to one barrel of oil. This
conversion ratio of 6:1 is based on an energy equivalency at the
burner tip and does not represent a value equivalency at the well
head. Used in isolation, barrels of oil equivalent may be
misleading. Forward-Looking Information This News Release contains
forward-looking information within the meaning of applicable
Canadian securities laws. All information other than historical
fact is forward-looking information. Forward-looking information
relates to future events or future performance and is based on
Terrex's current internal expectations, estimates, projections,
assumptions and beliefs. Forward-looking information is often, but
not always, identified by the use of words such as "expect",
"project", "proposed", "intend", "seek", "anticipate", "budget",
"plan", "continue", "estimate", "forecast", "may", "will",
"predict", "potential", "targeting", "could", "might", "should",
"believe" and similar expressions. Although management considers
the assumptions and estimates, reflected in forward-looking
information, to be reasonable, based on information currently
available, there can be no assurance that such information will
prove to be correct. As a consequence, actual results may differ
materially from those anticipated. In particular, this News Release
contains forward-looking information relating to possible
transactions which may arise from the Company's review of strategic
alternatives. Undue reliance should not be placed on
forward-looking information which is inherently uncertain, and
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
information will not occur. These risks include, but are not
limited to risks associated with completing a strategic
transaction, general risks associated with oil and natural gas
exploration, development and production, financial risks, the
history of losses, substantial capital requirements, political and
government risks, government regulations, environmental, prices,
dependence on key personnel, availability and access to equipment,
risks may not be insurable, licenses, resource estimates and
variations in exchange rates. Further information regarding these
risks may be found under the heading "Risk Factors" in the
company's Annual Information Form. Readers are cautioned that the
foregoing list of factors that may affect future results is not
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. 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. Terrex
Energy Inc CONTACT: For additional information please contact
Jonathan Lexier,President &CEO, or Norman Knecht, VP Finance
and CFO, at (403) 264-4430, or visitthe Company's website at
www.terrexenergy.ca
Copyright
Terrex Energy (TSXV:TER)
Historical Stock Chart
From May 2024 to Jun 2024
Terrex Energy (TSXV:TER)
Historical Stock Chart
From Jun 2023 to Jun 2024