Terrace Energy Appoints New Executives
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 immediately.
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 strategic plan."
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 transaction.
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: email@example.com
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SOURCE Terrace Energy Corp.
Canadian Address Suite 1012-1030 W Georgia St. Vancouver B.C. V6E 2Y3 Ph: 604 282-7897 Fax: 604 629-0418 US Address Suite 407-202 Travis Street, Houston Texas 77002 Ph: 713.227.0010
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CO: Terrace Energy Corp. ST: British Columbia NI: OIL NASDAQ 2575 WNEWS
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