Terrex Energy Inc. Announces Approval of Strathmore EOR Project
January 26 2011 - 7:30AM
PR Newswire (Canada)
CALGARY, Jan. 26 /CNW/ -- CALGARY, Jan. 26 /CNW/ - Terrex Energy
Inc. ("Terrex" or the "Company") (TSX-V - TER) announces ERCB
approval of the Company's enhanced oil recovery "EOR" project at
Strathmore. On January 21, 2011 the Alberta Energy Resources
Conservation Board (ERCB), approved Terrex's plans for an Enhanced
Oil Recovery (EOR) project in southern Alberta. The project
consists of a chemical alkaline surfactant polymer (ASP) flood of
the Lower Mannville B Pool of the Company's 100% working interest
property in the Strathmore area of southern Alberta. Field
rehabilitation activities, including the re-activation of well
bores and pipelines, injector well conversions, and repairs and
modifications to existing facilities necessary for the EOR project
are mostly complete and additional required equipment has been
ordered with delivery expected by mid 2011. Chemical injection is
planned to commence in the fall. The Strathmore pool has produced
nearly 5 million barrels of light oil to date and the ASP flood is
expected to result in significant additional recoveries of
oil. Based upon worldwide analogues, chemical floods increase
recoveries, on average, by approximately 14-15% of total oil
initially in place. 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. Terrex targets underexploited and undercapitalized
light-to-medium oil reservoirs in Western Canada. Terrex shares are
listed on the TSX Venture Exchange under the symbol 'TER' and on
the Frankfurt Exchange under the symbol 3RT. 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 the amount of oil that may
be recoverable from the Strathmore property, the timing of the
commencement of the chemical injection and anticipated production
in respect to the Strathmore property. 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. There can be no assurance that the plans,
intentions or expectations upon which forward looking statements
are based will in fact be realized. Actual results will differ, and
the difference may be material and adverse to Terrex and its
shareholders. Forward-looking statements are based on Terrex's
current beliefs as well as assumptions made by, and information
currently available to, Terrex concerning business prospects,
strategies, and market conditions. Although management considers
these assumptions to be reasonable based on information currently
available to it, they may prove to be incorrect. By their very
nature, forward-looking statements involve inherent risks and
uncertainties (both general and specific) and risks that
forward-looking statements will not be achieved. 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. To view this news release in HTML
formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/January2011/26/c5368.html
pPlease contact Kim Davies, President & CEO, or Norm Knecht, VP
Finance & CFO, at (403) 264-4430, or visit Terrex's website at
a href="http://www.terrexenergy.ca/"terrexenergy.ca/a./p
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