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ITEM 8.01. Other Events
On April 3, 2007, Terax receive notice from the Erath County sheriff’s Department that the 266th District Court of the State of Texas has issued a Writ of Execution directing the Sheriff’s office to recover the judgment amount and any other charges that have been awarded. The total amount of the judgment due is $545,065.94.
This action was the result of an action commenced in the District Court of Erath County, Texas, against the Company by Centex Pipeline Construction, Inc. on July 20, 2006 for failure to pay for services performed, breach of contract and to foreclose on Plaintiff’s mechanic lien. The Complaint alleges that the Company and Centex entered into an agreement for Centex to install certain components of a gas pipeline gathering system on the Company’s Mitchell Ranch property in Erath County, Texas. The Complaint further alleges that the Plaintiff completed work on June 5, 2006 and that the Company has failed to pay certain outstanding invoices. The Plaintiff’s have filed a mechanic’s lien to create a security interest against the gathering line and compressor station. The Plaintiff’s are seeking damages in the amount of $510,319.00 plus interest, attorney fees and entry of an Order of Sale directing the Sheriff to sell the property covered by the Plaintiff’s mechanic lien.
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