Terrace names new Chief Financial Officer

VANCOUVER, July 2, 2014 /CNW/ - Terrace Energy Corp. (the "Company") (TSXV: TZR, OTCQX: TCRRF; FRANKFURT: 2TR) is very pleased to announce the appointment of Keith R. Godwin as its Vice President and Chief Financial Officer effective July 1, 2014.

Mr. Godwin brings over 20 years of public company experience in accounting and financial management with primary responsibility for financial reporting, internal financial controls and processes, regulatory compliance and capital market transactions. Mr. Godwin was most recently Deputy Chief Financial Officer for Sinochem Petroleum USA LP. Prior to that, Mr. Godwin was with ATP Oil & Gas Corporation for over 16 years where he initially served as Vice President and Controller and then Chief Accounting Officer. He started his career in the public accounting industry with Coopers and Lybrand (Now PricewaterhouseCoopers) where he served primarily public and private upstream oil & gas companies before transitioning to industry. Mr. Godwin holds a Bachelors of Business Administration degree in Finance and Accounting from Texas A&M University and is a Certified Public Accountant.

Dave Gibbs, the Company's President and Chief Executive Officer commented: "We are very pleased to have Keith join the Company. He will be a vital contributing member of our senior management team as we continue to grow and mature our Houston-based organization."

The Management and Board of Directors of the Company wish to thank Scott Davis for his excellent service as our Chief Financial Officer during its critical formative stage.

Subject to the approval of the TSX Venture Exchange, the Company will grant 150,000 restricted share units ("RSUs") to Mr. Godwin. 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 transaction. The RSU plan was approved in the Company's most recent Annual General Meeting and is intended to incentivize and align the interests of the employees of the Company with the interests of the shareholders.

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.

For further information 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.

please contact: [email protected]; Canadian Address: Suite 1012 - 1030 West Georgia St., Vancouver B.C. V6E 2Y3, Ph: 604.282.7897, Fx: 604.629-0418; US Address: Suite 400-202 Travis Street, Houston Texas 77002, Ph: 713.227.0010, Fx: 713.227.0492