Terax seizes control of Truestar Petroleum Corp

Terax Energy, soon to be called Westar Oil and Gas Inc. (Westar), announced that Westar has purchased on the open market a controlling shareholder position in Truestar Petroleum Corporation listed on the Canadian exchange. Westar purchased for cash nearly 18 million shares.

Westar intends to increase the production and value of the assets of Truestar. The Texas-based assets of Truestar provide an opportunity for Westar to develop. It is of particular advantage for Westar given the large acreage position and the close proximity of the Truestar leases to the Westar operations.