Last C$0.64 CAD
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09/12/14 - C$2.40
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02/17/15 - C$0.31
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terrace energy corp (TZR) Details

Terrace Energy Corp., an oil and gas development stage company, acquires, explores, and develops unconventional onshore oil and gas properties in the United States. The company’s principal projects include the South Texas Syndicate Olmos development project covering approximately 14,400 gross mineral acres in LaSalle and McMullen counties, Texas; and the Cutlass (Eagle Ford) project covering 3,395 acres located in Dimmitt and LaSalle counties, Texas. It also has right to acquire a 50% working interest in certain oil and gas leases covering approximately 147,000 gross mineral acres in Maverick County, Texas. The company was formerly known as Terrace Resources Inc. and changed its name to Terrace Energy Corp. in June 2011. Terrace Energy Corp. was incorporated in 2006 and is headquartered in Vancouver, Canada.

Founded in 2006

terrace energy corp (TZR) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: C$348.0K
Executive Vice Chairman
Total Annual Compensation: --
Compensation as of Fiscal Year 2014.

terrace energy corp (TZR) Key Developments

Terrace Energy Corp. Reports Well Results from its STS Olmos Development Project

Terrace Energy Corp. reported on initial production results from its first multi-well pad drilling program on its STS Olmos Development Project in McMullen and LaSalle Counties, Texas. The company and its partner recently completed three horizontal wells with an average lateral length of approximately 5,500 feet in the Olmos Sandstone Formation. The STS #3-6H and the STS #2-6H, were each completed with 22 stages, and the STS #1-6H was completed with 15 stages, of hydraulic fracture stimulation using a "zipper frac" technique. The wells were connected to permanent production equipment prior to flow back operations and production was initiated on December 31, 2014 with all production going directly to sales. The wells showed oil within the first few hours of testing and have produced over 12,000 barrels of oil to date. The wells are currently producing at moderate oil rates on tight chokes in order to allow the fractures to heal carefully, optimize long term flow rates and manage logistical issues resulting from inclement weather and poor road conditions. Current production rates after seven days of testing and only ~3% load recovered are as: STS #1-6H 483 BOPD, 543 MCFD (600 BOEPD) - STS #2-6H 589 BOPD, 858 MCFD (732 BOEPD) - STS #3-6H 643 BOPD, 765 MCFD (770 BOEPD). The company will continue to monitor the flowback operations over the next few weeks and make further determinations on optimum choke sizes going forward as load recovery continues and gas-oil ratios stabilize. The company intends to follow up this report with 30 day IP rates when appropriate. Progress also continues, as planned, on the overall development of the project. As previously reported, all three wells on the second multi-well pad, the STE Section 5 pad in LaSalle County have been successfully drilled and cased in the Olmos Formation with lateral lengths averaging 5,400 feet. These wells are scheduled to be completed using the same zipper frac technique used on the initial Section 6 pad. Completion equipment has been contracted and is expected in the field in late January. Drilling operations are currently underway on the third pad, the STS section 605 pad, in McMullen County. Surface pipe has been set on all three wells situated on this pad to a depth of approximately 5,160 feet. The rig is currently drilling ahead on the STS#3-605H. The company plans to maintain a single rig program for 2015 and continue to drill three-well pads in order to optimize the cycle from first capital to first production. The company's capital commitments for all activities required on the STS Olmos Development Project are fully funded under its previously announced $75 million development drilling facility. The company, through its wholly owned subsidiary Terrace STS, LLC, holds a 27% working interest in the project.

Terrace Energy Corp. Provides Capital Expenditure Guidance for the Full Year of 2015

Terrace Energy Corp. provided capital expenditure guidance for the full year of 2015. For the year, the company expects approximately $25 million of which approximately one-half will be drawn from the credit facility and one-half from net operating cash flows.

Terrace Reports on Production Development Activities

Terrace Energy Corp. reported that the development drilling program is well underway on the Company's STS Olmos Development Project, McMullen and LaSalle Counties, Texas. Drilling operations are complete on the project's first three-well pad, the STS Section 6 pad, in McMullen County with each well encountering the targeted zone. Horizontal laterals of approximately 5,200' have been drilled and cased in each well and operations are in progress to simultaneously complete all three wells by hydraulic fracture stimulation using a "zipper frac" process. Test results are expected in early December. Based on data obtained during drilling operations, the Company expects these wells to perform similarly to the seven delineation wells previously completed in the project, which averaged 30 day IP rates of over 1,000 BOEPD. Contemporaneous with completion operations on the Section 6 pad, drilling operations are advancing on schedule at the second three-well pad site, the STE Section 5 pad, in LaSalle County. Surface casing has been set on each of the three wells at approximately 5,000 and lateral drilling is in progress on the STE 3-5H at present. Drilling operations are expected to be finished by late December with completion operations scheduled for January. Further, construction operations have been initiated on the third multi-well pad, the STS Section 17 pad. The rig will move to this site in late December immediately following drilling operations on the STE Section 5 pad. Current plans are to develop the STS Section 17 pad as a six-well site. The STS Project contains approximately 145 gross potential drilling locations on approximately 17,000 gross mineral acres. The Company plans continuous drilling operations with the current rig. Additional rigs are planned to augment the program in 2015 and 2016. The Company's capital commitments for all activities are fully funded under its previously announced USD 75 million development drilling facility. The Company controls a 27% working interest in the project. Based on the economic model built for the purpose of securing the USD 75,000,000 drilling facility for the STS Olmos Project (announced on June 9, 2014) the following economic sensitivities are projected on the project. Using the benchmark WTI price and modeling 30 day IP rates of 800 BOEPD, the type curve model projects a 50% IRR at USD 100.00 per barrel, 41% IRR at USD 90.00 per barrel, 32% IRR at USD 80.00 per barrel, 23% IRR at USD 70.00 per barrel and positive economic returns at prices below USD 50.00 per barrel. The project also continues to enjoy a significant premium to the benchmark prices due to its desirable crude quality and favorable location within the marketing infrastructure.


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