Terax Energy Hires Unit Drilling for Barnett Shale Program

Terax Energy has entered into a five-well drilling contract with Unit Texas Drilling. Terax has the option to extend the drilling contract to additional wells.

Terax is currently building a drilling location and expects to commence drilling operations on the first well of its 11,300-acre block in Erath County, Texas, no later than mid month.

"Today's shortage of drilling rigs and their increasingly high day rates present a development challenge for many upstream oil and gas companies," said Bill Rhea, chief executive officer of Terax. "This drilling rig agreement is significant for our operations moving forward. Our ability to swiftly secure resources through existing industry relationships and to continue operations under low internal overhead distinguishes Terax from many other Barnett Shale players."