Terrex Energy Inc. Announces Annual General Meeting Date and Provides an Update on Special Committee Activities

    




 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 [phone], or visitthe Company's website at www.terrexenergy.ca 


    

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