Completion of the East B-2 and West B-2 wells will complete fulfillment of the Company's obligations under the project participation agreement in order to perfect its interest in the underlying leasehold interests in the Cutlass Project. Hence the Company will earn 30% working interest in 3,395 gross mineral acres (1,018 net acres) as to all depths.
Eric Boehnke, Company CEO commented, "We are pleased with the results to date of the Company's aggressive execution strategy. We have made significant progress on each of our major project areas and are well underway to accomplish all of our 2013 goals and objectives ahead of schedule. Results to date continue to exceed our expectations and point to continuing improvements in performance and asset value recognition. We look forward to announcing individual well results as each become available."
About Terrace Energy
Terrace Energy is an oil & gas development stage company that is focused on unconventional oil & gas extraction in onshore areas of the United States, particularly in South Texas.
ON BEHALF OF THE BOARD OF DIRECTORS
Eric Boehnke, Chief Executive Officer
This press release includes "forward-looking information" within the meaning of applicable Canadian securities laws, including information regarding the development of each project and the timing thereof and the timing for flowback operations and production for the Cutlass Project. Users of forward-looking information are cautioned that actual results may vary from the forward-looking information disclosed in this press release. The material risk factors that could cause actual results to differ materially from the forward-looking information contained in this press release include changes to the Company's ability to access infrastructure in the vicinity of the Maverick County, STS and Cutlass Projects at a reasonable price, costs for and availability of required goods and services, regulatory changes and all of the other risks and uncertainties normally associated with the exploration for and development and production of oil and gas. The forward-looking information contained in this press release represents management's best judgment of future events based on information currently available. The material assumptions used to develop the forward-looking information include: that production from the wells at the STS Project will continue as projected, that the Company will be able to access infrastructure in the vicinity of the Maverick County, STS and Cutlass Projects on reasonable terms, that the Company will be able to access the goods and services necessary in order to conduct further exploration, development and production at the Maverick County, STS and Cutlass Projects on reasonable terms, that regulatory requirements will not change in any material respect and that other aspects of the Company's operations will not be affected by unforeseen events. The Company does not assume the obligation to update any forward-looking information, except as required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Terrace Energy Corp.
Chief Executive Officer
604 687-0885 (FAX)
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