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Last C$0.66 CAD
Change Today 0.00 / 0.00%
Volume 0.0
TZR On Other Exchanges
Symbol
Exchange
Venture
OTC US
Berlin
As of 12:31 PM 05/21/15 All times are local (Market data is delayed by at least 15 minutes).

terrace energy corp (TZR) Snapshot

Open
C$0.65
Previous Close
C$0.66
Day High
C$0.66
Day Low
C$0.65
52 Week High
09/12/14 - C$2.40
52 Week Low
02/17/15 - C$0.31
Market Cap
58.0M
Average Volume 10 Days
13.1K
EPS TTM
C$-0.06
Shares Outstanding
87.8M
EX-Date
--
P/E TM
--
Dividend
--
Dividend Yield
--
Current Stock Chart for TERRACE ENERGY CORP (TZR)

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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 Additional Well Results and Continuing Progress on its STS Olmos Development Project

Terrace Energy Corp. reported continuing positive results and progress on its STS Olmos Development Project in McMullen and LaSalle Counties, Texas. Stabilized 30 Day Average IP rates are now reported at a combined total of 2,478 BOEPD as follows: STE #1-5H 694 BOPD, 1172 MCFD; STE #2-5H 554 BOPD, 923 MCFD; STE #3-5H 698 BOPD, 1101 MCFD. These wells have now been on production for approximately 40 days have produced a total of approximately 100,000 BOE. Progress continues as planned on the overall development of the project. Drilling operations have been successfully concluded on two additional three-well pads. These six wells in McMullen County have been successfully drilled and cased in the Olmos Formation with lateral lengths averaging 5,400 feet. Based on the successful experience with the first two pad developments, fracture stimulation programs are being refined and optimized. In order to take advantage of favorable market conditions, the company's partner is rebidding stimulation and related services and will finalize schedules accordingly. The obligations under the existing drilling rig contract have also been fulfilled.

Terrace Reports Additional Well Results and Continuing Progress on its STS Olmos Development Project

Terrace Energy Corp. reported continuing positive results and progress on its STS Olmos Development Project in McMullen and LaSalle Counties, Texas. The Company and its partner recently completed the second set of three horizontal wells with an average lateral length of approximately 5,500 feet in the Olmos Sandstone Formation and were each completed with 19 - 22 stages of hydraulic fracture stimulation using a 'zipper frac' technique. The company previously reported initial flow back testing reports on the first three-well pad, the STS #1-6H, #2-6H and #3-6H pad at a combined initial rate of 2,102 BOEPD. Stabilized 30 Day Average IP rates are now reported at a combined total of 2,326 BOEPD. These wells have now been on production for approximately 60 days have produced a total of approximately 110,000 BOE. All three wells on the third multi-well pad, the STS Section 605 pad in McMullen County have been successfully drilled and cased in the Olmos Formation with lateral lengths averaging 5,400 feet.

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.

 

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