VANCOUVER, July 16, 2014 /CNW/ - Terrace Energy Corp. (the "Company" or "Terrace") (TSXV: TZR, OTCQX: TCRRF; Germany: 2TR) is pleased to announce, further to its press release dated June 9, 2014, it has obtained the consent of the South Texas Syndicate to the transfer and registration of certain leasehold working interests between the Company and its partner, as reported on November 26, 2013. As previously disclosed, the purpose of the transfer is to create a uniformity of working interests collectively owned by Blackbrush Oil and Gas LP and Terrace in the leases comprising the existing project area so that upon registration of the transfers, Blackbrush owns approximately 73% of the working interest and Terrace owns approximately 27% of the working interest in the STS Olmos Project.
The transfer between the parties was the remaining material condition of the US$75 million Term Credit Facility the Company secured from Chambers Energy Capital for the development of its STS Olmos Project.
The Company will draw US$25 million of the Term Credit Facility once the subject leasehold working interests have been formally transferred and properly registered, which is now expected to happen in due course.
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 with a particular focus on South Texas.
ON BEHALF OF THE BOARD OF DIRECTORS
Dave Gibbs, President and Chief Executive Officer
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SOURCE: Terrace Energy Corp.
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