Terrex Announces Management Appointments and Operations Update

    




 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 [phone], or visit Terrex's website at terrexenergy.ca. 


    

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