VANCOUVER, Oct. 16, 2013 /CNW/ - Terrace Energy Corp. (the "Company or
Terrace") (TSXV: TZR) (OTCQX:TCRRF) (FRANKFURT:2TR) is very pleased to
announce the following executive appointments:
Dave Gibbs has been appointed President and Chief Executive Officer of
the Company effective immediately. Mr. Gibbs has been the Company's
President since June 2011 and has over 35 years of previous experience
in both technical and executive leadership roles in the upstream oil &
gas industry with a successful track record of creating and growing
exploration and production companies. He has extensive knowledge of
reservoir engineering and project evaluation as well as operations and
project management skills on large-scale domestic and international oil
& gas operations.
Eric Boehnke, the Company's former Chief Executive Officer, has been
appointed Executive Vice Chairman of the Company, also effective
Eric Boehnke commented: "These executive changes are part of the
Company's transitioning from an entrepreneurial start-up to a
management-led oil & gas operations company. Dave has demonstrated his
ability to lead the Company into the future and the Board of Directors
are pleased he has accepted the challenge."
George Morris has agreed to join Terrace as Chief Operating Officer of
the Company. His appointment will become effective October 21, 2013.
Mr. Morris has a career spanning over thirty five years of hands-on
experience in reservoir, drilling and production engineering activities
as well as directing acquisition and exploitation efforts for both
large and small E&P companies. Mr. Morris was most recently the Chief
Operating Officer of ATP Oil & Gas [2008-2013] and Chief Operating
Officer of Chroma Exploration & Production [2004-2008]. Prior to these
appointments, Mr. Morris held executive and management positions with
TDC Energy, Burlington Resources, Louisiana Land and Exploration, Nerco
Oil & Gas and Union Texas Petroleum. Mr. Morris has concentrated
experience in the Gulf of Mexico, Texas and Louisiana Gulf Coast, East
Texas and West Texas.
Dan Carriere, the Company's Chairman, commented: "The Company is
entering a very exciting growth period. The Board of Directors
welcomes the timely addition of George to our Houston office to assist
Dave and the rest of our team with the smooth execution of our
Subject to the approval of the TSX Venture Exchange, the Company will
grant an aggregate of 950,000 restricted share units ("RSUs") to certain Houston based officers and employees of the Company,
including Mr. Gibbs and Mr. Morris (the "RSU Recipients"). The RSUs are
intended to incentivize and align the interests of the RSU Recipients
with the interests of the shareholders.
Each RSU will represent the right to receive one common share of the
Company upon vesting. Unless otherwise approved by the Board, all of
the RSUs will vest upon the occurrence of a change of control
In the absence of a change of control transaction or other acceleration
of the vesting date by the Board, any unvested RSUs will expire five
years from the date of grant.
About Terrace Energy
Terrace Energy is an oil & gas development stage company that is focused
on unconventional oil extraction in onshore areas of the United States,
particularly in South Texas.
ON BEHALF OF THE BOARD OF DIRECTORS
Dan Carriere, Chairman
For further information please contact:
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.
SOURCE: Terrace Energy Corp.
For further information:
Suite 1012-1030 W Georgia St.
Vancouver B.C. V6E 2Y3
Ph: 604 282-7897 Fax: 604 629-0418
Suite 407-202 Travis Street,
Houston Texas 77002