Terax Energy reports Barnett Shale initial oil and gas revenues
Sunday, August 6th 2006
Terax Energy Inc. has announced oil and gas net revenues of approximately $133,000 for the month of June 2006, based on production of its first three wells in Erath County, Texas, targeting the Barnett Shale Formation.
Terax’s net gas sales from the Mitchell #1-H, #2-H and #3-H wells were approximately $103,836 for 16,797 net mmbtu — an average price of $6.18 per mmbtu. The net oil sales were approximately $31,267 for 469 net bbls — an average price of $66.64 per barrel.
“We are pleased to announce Terax’s first significant revenue generated from our drilling efforts in the expansion area of the Barnett Shale,” said Lawrence Finn, president, chief executive officer and chief financial officer of Terax. “We are using the natural gas production rates from our first three wells to help guide the completion efforts for the Mitchell #4-H, #5-H and #6-H wells. We look forward to increasing production and revenue in the third quarter.”
Source: www.oilonline.com
