Exploration & Production | Deals - Joint Ventures | Capital Markets | Private Equity Activity
Terrace Outlines Upcoming Eagle Ford Activity
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Terrace Energy Corp. has reported an update on its South Texas operational activities.
South Texas AcquisitionThe Company has paid a US$1.5 million deposit pursuant to the letter of intent with BlackBrush Oil & Gas, LLC (BBOG) to jointly acquire and manage a 50% working interest in 147,000 acres of highly prospective mineral rights in Maverick, Dimmit and LaSalle Counties, South Texas USA, from an affiliate of a major oil & gas company.
The Company is in the process of obtaining TSX Venture Exchange approval of the transaction and is working with BBOG on definitive documentation.
STS Olmos ProjectThe Company and BBOG have agreed on the 2013 drilling program for the STS Olmos Project. The Company expects to spud its first well for 2013(SP5 1-2H) in April. The SP5 1-2H well is directly…
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