Terax Energy to Record Aeromagnetic Data

Terax Energy has executed an agreement to record, process and interpret high-resolution, aeromagnetic data to help delineate well locations on Terax acreage in Erath County, Texas, and thereby advance the company's initial drilling operations in the Fort Worth Basin in Texas.

In order to obtain the aeromagnetic data, an airplane specially equipped with high-resolution instruments will survey the area covered by Terax's leases in Erath County. The instruments in the airplane will record full-spectrum magnetic amplitudes utilizing Global Positioning System (GPS) coordinates on a 9-by-12-mile grid, approximately 69,000 acres. The grid will consist of 958 line-miles (1,542 line-kilometers) of data.

When Terax receives the aeromagnetic data, which is expected to be within 30 days following completion of the aeromagnetic survey, Terax and its technical advisors will process and interpret the data to better understand the sub-surface geological structure and determine well locations.

"With the agreement in place to acquire this highly specific data, we are well positioned to analyze and better understand the geology of Terax's acreage in the Barnett Shale," said Bill Rhea, chief executive officer of Terax. "The data we receive from the aeromagnetic survey will serve as a cost-effective, focusing technology that will greatly assist us in choosing and developing optimal drilling locations."