Terrace Energy Corp
Terrace Energy Corp
604 282-7897
Sector: Oil & Gas
Description
Terrace Energy Corp is a Vancouver-based oil and gas company. It is engaged in developing, exploring, and acquiring unconventional oil and onshore assets in the United States.
The company primarily explores for resources Olmos Tight Sandstone Development Project and Maverick County Project.
The Canadian firm also operates at LaSalle and McMullen counties in Texas. In 2014, the company announced the drilling program update related to its project, which comprises three wells.
Terrace Energy Corp holds 27 per cent interest in this project that consists of approximately 145 drilling locations covering 17,000 gross mineral acres.
STS Olmos Project
Through its wholly owned subsidiary, Terrace STS LLC, the company owns and operates interest in the STS Olmos Project. The project reportedly has significant probable and provided natural gas and oil reserves and claims to have used it for securing development financing.
The company has 33 per cent working interest in the Quintanilla OL 1-H well that commenced production in 2014. In addition, it claims that the well has produced 19,040 million cubic feet of and 18,592 barrels of oil.
Maverick County Project
The company and BlackBrush Oil & Gas, LP, have rights to hold 50 per cent working interest in the property that hosts oil and gas leases. It is located in Maverick County and covers approximately 147,000 acres.
Big Wells Project
The mining firm has rights to complete working interest in this project. The project hosts deposits of hydrocarbons with structural features.
The company was founded in 2006 and is domiciled in Texas.
In April 2021, the firm announced its recapitalization program under which firm’s outstanding convertible notes worth US$ 500,000 were exchanged for newly issued shares.
The firm had 772,844,821 common stocks outstanding and issued as of April 2021. It is listed on TSXV, US OTC market under ‘TZR’ and ‘TCRRF’ stock quotes.
Peers
HAM
Highwood Asset Management Ltd.
MCR
Macro Enterprises Inc.
SU
Suncor Energy Inc
WCP
Whitecap Resources Inc
PSK
Prairiesky Royalty Ltd
WIL
Wilton Resources Inc.
GIII
ReGen III Corp.
CPG
Crescent Point Energy Corp
VMC
Vicinity Motor Corp.
SNM
ShaMaran Petroleum Corp.
GASX
NG Energy International Corp.
ALV
Alvopetro Energy Ltd.