Business Summary
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Terax Energy, Inc. (Terax) is an independent oil and gas exploration and development company. The Company’s principal properties consist of two blocks of oil and gas leases: one covering approximately 11,300 gross acres in the aggregate in close proximity to each other in Erath County, Texas, and one covering a block of approximately 16,200 gross acres in the aggregate in close proximity located in Comanche County, Texas, both of which permit Terax to drill and develop the Barnett Shale formation underlying the lease acreage. The Company’s operations are focused on the identification and evaluation of prospective oil and gas properties and the contribution of capital to projects. On April 3, 2006, the Company entered into a Gas Purchase Agreement with Louis Dreyfus Gas Development L.P. (LDGD) for the sale of gas to LDGD from certain oil and gas leases in Erath County, Texas which it operates.
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