RIGZONE.(TERX has to hire a drilling rig to drill their Barnett Shale wells, and you can bet the drilling contractor will make a nice big profit off each TERX well drilled. AMEP is extremely fortunate to own it's own big Ideco rotary drilling rig and Crane Carrier truck mounted workover rig, to keep the drilling rig and workover rig profits in AMEP's own pocket. TERX SP is $3.03, Market Cap is $437,016,900, O/S is 144,230,000. AMEP at $.07, O/S 302M, and a MC of $21M is extremely undervalued when compared to TERX.)
-----------------------------------------------
Terax Energy Hires Unit Drilling for Barnett Shale Program
Terax Energy Inc. Wednesday, October 05, 2005
Terax Energy has entered into a five-well drilling contract with Unit Texas Drilling. Terax has the option to extend the drilling contract to additional wells.
Terax is currently building a drilling location and expects to commence drilling operations on the first well of its 11,300-acre block in Erath County, Texas, no later than mid month.
"Today's shortage of drilling rigs and their increasingly high day rates present a development challenge for many upstream oil and gas companies,"
said Bill Rhea, chief executive officer of Terax. "This drilling rig agreement is significant for our operations moving forward. Our ability to swiftly secure resources through existing industry relationships and to continue operations under low internal overhead distinguishes Terax from many other Barnett Shale players.
----------------------------------------
AMEP is extremely undervalued at a SP of $.07, MC of $21M, with it's Barnett acreage, 193 well project, and AMEP's owned 8,000' capacity H-40 IDECO drilling rig along with AMEP's Crane Carrier workover truck mounted rig.
FYI... %^ greeneyedhawk
