Terax Energy Acquires 13,000 Additional Acres in Barnett Shale
Terax Energy has received leases for an additional 13,000 gross mineral acres of prospective oil and gas development property in Erath and Comanche counties, Texas.
The additional 13,000 gross mineral acres now brings Terax's total lease position to approximately 31,000 gross mineral acres in Erath, Comanche and Hamilton counties.
"These additional acres add significantly to Terax's asset base," said Bill Rhea, chief executive officer of Terax. "This acquisition should further position the company to enhance shareholder value in the periods ahead as we commence development of Terax drilling operations in the Barnett Shale."
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.