Terax Energy (TEXG)

[Stock Lobster]

So, it would seem that by July, 55% of the OS, whatever it is at that date, will be in the hands of Westar. 9% already has been exchanged, and 5% belongs to Magnetar Capital Master Fund, Ltd. I would imagine that the company is still holding the other 45% for the final exchange.

from that latest 4/30/07 figure, I guess that leaves in the neighborhood of a 1.2MM public float...unless they were planning on issuing the additional shares later on July. If that's the case, then I'm guessing the current public float is around 2.8MM, more or less.

Whatever it is, I expect the sum to be non-dilutive to shareholder value, as Westar Oil's website indictes that they expect their stock, when traded, to be in the $15-$20 range (http://www.investorshub.com/boards/read_msg.asp?message_id=19398629)



Security Ownership of Certain Beneficial Owners and Management

The following table sets forth certain information, as of April 27, 2007 with respect to the beneficial ownership of the outstanding common stock by (i) any holder of more than five (5%) percent; (ii) each of the Company’s executive officers and directors; and (iii) the Company’s directors and executive officers as a group. Except as otherwise indicated, each of the stockholders listed below has sole voting and investment power over the shares beneficially owned.

Common Stock Percentage of
Name of Beneficial Owner (1) Beneficially Owned Common Stock (2)
Linda Contreras - -
Lawrence Finn 30,000 0.81%
David Pratt 1,250 0.03%
Westar Oil, Inc. 618,000 16.77%
Magnetar Capital Master Fund, Ltd. 185,000 5.02%

All officers and directors as a group (5 persons)

(1) Except as otherwise indicated, the address of each beneficial owner is c/o Terax Energy, Inc. 13355 Noel Road, 1370 One Galleria Tower, Dallas, TX 75240.


(2) Applicable percentage ownership is based on 3,684,631 shares of common stock outstanding as of April 30, 2007, together with securities exercisable or convertible into shares of common stock within 60 days of April 30, 2007 for each stockholder. Beneficial ownership is determined accordance with the rules of the Securities and Exchange Commission and generally includes voting or investment power with respect to securities. Shares of common stock that are currently exercisable or exercisable within 60 days of April 30, 2007 are deemed to be beneficially owned by the person holding such securities for the purpose of computing the percentage of ownership of such person, but are not treated as outstanding for the purpose of computing the percentage ownership of any other person.