Terrenex Acquisition Corporation
TSX VENTURE : TXA

Terrenex Acquisition Corporation

October 17, 2006 00:15 ET

Terrenex Elects to Participate in Talisman Gentilly #1

CALGARY, ALBERTA--(CCNMatthews - Oct. 17, 2006) - Terrenex Acquisition Corporation ("Terrenex" or the "Company")(TSX VENTURE:TXA) announced that it has formally elected to participate in the Talisman Gentilly #1 well to be drilled by Talisman Energy Canada ("Talisman") later this year. The well will be drilled in the St. Lawrence Lowlands in the parish of Gentilly near Trois Rivieres, Quebec.
The well will be licensed to the Potsdam formation and is expected to test multiple exploration targets. Expected total vertical depth for this well is estimated at over 2600m.

Pursuant to the farm-out agreement with Talisman, Terrenex has the option, after a review of technical data and interpretations made by Talisman, to participate in this well. As a result of its election to participate and its carried working interest, Terrenex will pay 2.25% of the well costs and have a 3.75% working interest in the well. Terrenex will also receive an overriding royalty on any production from the well.

Terrenex's two other partners, including Questerre Energy Corporation ("Questerre"), a related company, and a private exploration and production company, have also elected to participate in this well for their proportionate share. The partners will be farming out their interest on the same terms and conditions as Terrenex.

Questerre Energy Corporation is a Calgary-based independent resource company actively engaged in the exploration, development and acquisition of high-impact oil and gas projects in Canada.

Terrenex in conjunction with its wholly owned subsidiary, Cabernet Holdings Limited, currently holds 10,698,785 common shares of QEC, representing 7.6% of the issued and outstanding capital of Questerre. All the Directors of Terrenex serve as directors or officers of Questerre.


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Contact Information

  • Terrenex Acquisition Corporation
    Michael Binnion
    President
    (403) 777-1185
    (403) 777-1578 (FAX)
    Email: terrenex@cia.com