BoonMarket.com: BoonMarket.com Announces Coverage of Terax Energy, Inc.
Tuesday May 08, 2007 09:16:14 EDT
SANTA BARBARA, CA., May 08, 2007 (M2 PRESSWIRE via COMTEX News Network) --
BoonMarket.com announced today their renewed interest in Terax Energy, Inc. (OTCBB: TEXG). TEXG has been mentioned on BoonMarket.com in the past and recent developments within the company have compelled BoonMarket.com to closely follow the company once again.
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TEXG is currently up 27.60% on 1,503,790 shares traded. TEXG news from 5/1/07:
On April 26, 2007, Terax Energy, Inc. (the "Company") entered into a Purchase and Sale Agreement with Westar Oil, Inc. ("Westar") pursuant to which the Company agreed to sell 55% of the issued and outstanding shares of common stock of the Company. The Agreement contemplates the holding of two closings as follows: (i) an initial closing pursuant to which the Company sold to Westar 9% of its issued and outstanding common stock at a price of $0.21 per share; and (ii) provided that as of July 15, 2007, there shall not be any bankruptcy or insolvency proceeding against the Company, a second closing pursuant to which the Company will sell to Westar 46% of its issued and outstanding common stock at a price of $0.21 per share. Pursuant to the terms of the Agreement, at the initial closing, Westar designated one member of the Board of Directors of the Seller and the Company delivered an undated resignation of David Pratt as a member of the Board of Directors of the Company which will be dated and accepted upon the expiration of the 10 day period after the Company files a Schedule 14f-1. Further, in accordance with the terms of the Purchase and Sale Agreement, the Company will change its name within 21 days of the initial closing to a name designated by the Westar. The Company claims an exemption from the registration requirements of the Securities Act of 1933, as amended (the "Act") with respect to the foregoing, pursuant to the provisions of Regulation D, promulgated pursuant to the Act.
On April 16, 2007, Lawrence Finn, the Company's President, CEO and CFO, resigned as the Company's President and CEO. At the initial closing, on April 26, 2007, Linda Contreras was appointed as the Company's Chief Executive Officer and Director. Since 2004 Ms. Contreras served as the head of the acquisition team at Summitt Oil & Gas, Inc. in Beverly Hills, California. Ms. Contreras leads the acquisitions team in the evaluation of offerings in oil and gas development programs, and provides economic analysis of all proposed acquisitions, divestitures, and drilling activities. Ms. Contreras also serves as a Director of National Healthcare Technology, Inc. a publicly traded entity whose securities are quoted on the OTCBB. Ms. Contreras received her Bachelor of Arts in Political Science from the University of California at Berkeley in 2003.
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About Terax Energy, Inc.
Terax Energy, Inc. operates as an independent gas exploration, development, and production company in the United States. The company focuses on exploring the gas reserves located in the Barnett Shale formations of the Fort Worth Basin. Its principal properties consist of 2 blocks of oil and gas leases, 1 covering approximately 11,300 gross acres in Erath County, Texas; and 1 covering a block of approximately 16,200 gross acres in Comanche County, Texas. Terax Energy was founded in 2000 as Royal Phoenix and changed its name to Terax Energy, Inc. in 2005. The company is headquartered in Austin, Texas.
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. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Certain statements set forth in this press release constitute ''forward-looking statements.'' Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the word expressions of similar meaning. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the company's actual results and financial position to differ materially from those included within the forward-looking statements. Forward-looking statements involve risks and uncertainties, including those relating to the Company's ability to grow its business. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance.
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