Terax Energy Competes First Barnett Shale Well


Mitchell #1-H
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Terax Energy Inc. completed its first well, the Mitchell #1-H horizontal, during the week of March 20, 2006. The Mitchell #1-H well is located in Erath County, Texas, targeting the Barnett Shale formation.

Since the completion of the multi-stage fracture stimulation work on the Mitchell #1-H, Terax has been producing varying quantities of natural gas, as well as the frac water, which was used in the stimulation process. The Mitchell #1-H has returned approximately 42 percent of the frac water used in the completion.

"This completion represents a significant milestone in our drilling efforts in the expansion area of the Barnett Shale formation," said Lawrence Finn, chief executive officer and chief financial officer of Terax. "We are anxious to complete the well cleanup process and report the initial production rate of the well. We will continue our efforts to accelerate the completion schedule of our five other wells during the next several months."

All preparations for the completion of the Mitchell #2-H well have been finished, and Terax is awaiting a fracture stimulation crew to be assigned by its contractor.

Terax is continuing to expand and lay the extension of its gathering system for the connection of its Mitchell #3-H, #4-H, #5-H and #6-H wells, laying four additional miles of eight-inch pipeline and installing tank batteries, as well as additional compression facilities. Terax expects to complete the gathering system to connect the #3-H and #4-H wells by May 15, 2006. The connection to the #5-H and #6-H wells is expected to be completed by June 1, 2006.

Terax is currently working to secure additional frac dates for wells #3-H through #6-H to correspond with the completion of the extension of its gathering system.

Terax has reached total measured depth of approximately 6,957 feet on the Mitchell #5-H well on April 6, 2006, and has set production casing on the well, which was spudded on March 13, 2006. The FMI log on the Mitchell #5-H well indicates natural gas in place of approximately 6 billion cubic feet per square mile and a shale thickness of approximately 90 feet.

Terax's drilling contractor has moved the rig to a sixth drill site in Erath County and commenced drilling of the Mitchell #6-H horizontal well on April 12, 2006. The well was logged April 18, 2006, and Terax is currently awaiting the results of the vertical log. Terax has determined that the Barnett Shale section is approximately 120 feet thick in the #6-H well. Terax will begin drilling the lateral section of the #6-H well in the next few days, once the cement has dried.

Terax Energy Inc. is an independent gas exploration, development and production company, headquartered in Dallas. The sole focus for Terax is the optimal exploitation and development of approximately 27,500 gross acres in two mostly contiguous blocks, consisting of prospective Barnett Shale development acreage located in Erath and Comanche Counties, Texas.
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