LAWFUEL – The Legal Newswire – SECURITES EXCHANGE ACT OF 1934
Release No. 56389 / September 12, 2007
The Securities and Exchange Commission announced the temporary suspension, pursuant to Section 12(k) of the Securities Exchange Act of 1934 (the “Exchange Act”) of trading in the securities of Terax Energy, Inc. (“Terax,” trading symbol TEXG.OB) of Dallas, Texas, commencing at 9:30 a.m. EDT on September 12, 2007 and terminating at 11:59 p.m. EDT on September 26, 2007.
The Commission temporarily suspended trading in the securities of Terax because of questions that have been raised about the accuracy and adequacy of publicly disseminated information concerning, among other things: (1) the status of Terax’s oil and gas operations, (2) Terax’s purported financing agreements, (3) Terax’s supposed acquisition of a controlling interest in a foreign oil and gas firm, (4) the existence, terms and status of a purported share exchange agreement between Terax and Westar Oil, Inc., and (5) the identity of the persons in control of the operations and management of Terax.
The Commission cautions brokers, dealers, shareholders, and prospective purchasers that they should carefully consider the foregoing information along with all other currently available information and any information subsequently issued by the company.
Further, brokers and dealers should be alert to the fact that, pursuant to Rule 15c2-11 under the Exchange Act, at the termination of the trading suspension, no quotation may be entered unless and until they have strictly complied with all of the provisions of the rule. If any broker or dealer has any questions as to whether or not he has complied with the rule, he should not enter any quotation but immediately contact the staff in the Division of Market Regulation, Office of Interpretation and Guidance, at (202) 551-5760. If any broker or dealer is uncertain as to what is required by Rule 15c2-11, he should refrain from entering quotations relating to Terax securities until such time as he has familiarized himself with the rule and is certain that all of its provisions have been met. If any broker or dealer enters any quotation which is in violation of the rule, the Commission will consider the need for prompt enforcement action.
If any broker, dealer or other person has any information which may relate to this matter, the Fort Worth Regional Office of the Securities and Exchange Commission should be telephoned at 817-978-3821.