Terax Energy Acquires Additional Contiguous Acreage in Barnett Shale
Terax Energy has acquired a 100 percent working interest in an additional 2,000-acre block, more or less, adding to its 5,200 contiguous acres in Comanche County, Texas. The acquisition builds on the company's strategy to secure acreage, allowing Terax to drill in the Barnett Shale Formation of the Fort Worth Basin.
The acquisition of the additional 2,000-acre block brings Terax's total lease position to approximately 18,000 acres located in Erath, Comanche and Hamilton Counties.
"With the acquisition of these additional acres, as well as our recent
financing, we are well positioned to begin exploitation of Terax's asset
base," said Bill Rhea, chief executive officer of Terax. "The acquisition is
in line with our strategy to enhance shareholder value by quickly moving
forward with development drilling operations later this year."