VANCOUVER, Oct. 7, 2014 /CNW/ - Terrace Energy Corp. (the "Company") (TSXV: TZR, OTCQX: TCRRF, FRANKFURT: 2TR) is pleased to report the following progress on each of its material projects.
STS Olmos Development Project, McMullen and LaSalle Counties, Texas
The STS 2-6H has been drilled to a total depth of 14,474' including approximately 4,900' of lateral length within the objective zone. Mud log data during drilling operations confirms the presence of the Olmos sandstone as anticipated with excellent sand quality and hydrocarbon shows throughout the lateral section. 5 1/2" casing has been set to total depth.
NW AWP Olmos Development Project, McMullen County, Texas
Multi-stage fracture stimulation operations commenced over the weekend on the Quintanilla #1-H. As of this date, four of twelve stages have been successfully pumped.
Maverick County Project, Maverick and Zavalla Counties, Texas
Drilling equipment has been mobilized on the Chittim Heirs #4 well and is 80% rigged up as of this date. The Company expects to spud the well later this week.
Workover operations were commenced over the weekend to prepare the Chittim Heirs #3-H for lateral drilling operations in the Buda Limestone. The operator drilled out the float collar and cement shoe and successfully tested the casing integrity in preparation for the coiled tubing drilling equipment currently scheduled for later this month.
Big Wells Buda Development Project, Dimmit County, Texas
Equipment and materials have been moved to the Price #1-H location to commence completion operations this week.
George Morris, the Company's Chief Operating Officer commented: "We are in a period of very high activity on all of our major projects. We continue to successfully execute several of our key objectives."
The Company will be attending the upcoming Canaccord Genuity 8th Annual Global Resources Conference in New York on October 15, 2014. Dave Gibbs, the Company's President and Chief Executive Officer will be participating on the conference's Eagle Ford Shale discussion panel.
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.
ON BEHALF OF THE BOARD OF DIRECTORS
Dave Gibbs, CEO
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.
This press release includes forward-looking information and forward-looking statements (together, "forward-looking information") within the meaning of applicable Canadian and United States securities laws. Forward-looking information includes, but is not limited to: information regarding plans for the development of the Company's projects and the timing thereof, including the potential number of drilling locations on the STS Olmos Development Project and expectations regarding achieving key successes and milestones over the next several months. Users of forward-looking information are cautioned that actual results may vary materially 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 its projects at a reasonable price; changing costs for and availability of required goods and services; regulatory changes; risks relating to disagreements or disputes with joint venture partners, including any failure of a joint venture partner to fund its obligations; volatility in market prices for oil and natural gas; and all of the other risks and uncertainties normally associated with the exploration for and development and production of oil and gas, including geologic uncertainties, unforeseen drilling hazards, geological, technical, drilling and processing problems, accidents and adverse weather conditions. 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 the Company will be able to access infrastructure in the vicinity of its 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 its 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. Statements regarding future drilling locations are based on geologic interpretations which are subject to revision as further data is developed. The Company does not assume the obligation to update any forward-looking information, except as required by applicable law.
SOURCE: Terrace Energy Corp.
For further information: [email protected]; www.terraceenergy.net; Canadian Address: Suite 1012-1030 W Georgia St., Vancouver B.C. V6E 2Y3, Ph: 604 282-7897, Fax: 604 629-0418; US Address: Suite 400-202 Travis Street, Houston Texas 77002, Ph: 713 227-0010