|By Marketwired .||
|November 27, 2012 08:00 AM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/27/12 -- Terrace Energy Corp. (TSX VENTURE:TZR) (the "Company") is pleased to provide an operational update on its South Texas Syndicate Development Project (the "STS Project").
Our STS Project continues to exceed expectations. Our two new wells, the SP5 #1-47H and SP5 #2-47HST1 have just completed flowback testing after 38 days. Together, the two wells recovered more than 41,484 barrels of crude oil and 140,000 mcf of liquids rich gas. The wells continue to produce at rates of 765 BOEPD and 1020 BOEPD respectively(i). Both wells are tied into the "Teak" wet gas processing facility wherein the gas production stream will receive significant value uplift due to high natural gas liquids recovery. Both wells have recovered slightly over 20% of their frac loads and are ready to be turned into permanent facilities. Terrace has a working interest of 33% and net working interest of 25% in each these two wells.
These wells represent a step-out of nearly five miles from our discovery well, the STS #1-667H well, which was placed in production in February and has already accumulated approximately 100,000 BOE in its first nine months of production. Based on the success of these initial wells, the Company has laid out a development grid which will accommodate up to 72 gross drilling locations (20 locations net to Terrace's interest). These early results validate the Company's strategy of making early entries into emerging play areas wherein the Company has acquired significant acreage positions at modest costs and has drilled strategically located delineation wells. The next phase of the program will focus on optimizing capital efficiency by systematically drilling development wells on a grid pattern beginning in the first quarter of 2013.
The STS Project enjoys significant economic advantages due to its proximity to infrastructure and markets as well as premium product prices due to the high gravity of its crude and high natural gas liquids composition. Crude prices in this area enjoy approximately $5.00 premium to WTI. The extension of the "Teak" pipeline into our operating area affords us access to a very high recovery liquids extraction plant which will allow us to extract and market our natural gas liquids ("NGL") products directly. Recovered NGL values are expected to approximately double the effective market price of our natural gas production.
Terrace President Dave Gibbs commented, "We are very pleased with the results of the proof of concept stage on the STS project and excited looking ahead to 2013 as the project shifts to more of a manufacturing operation as we move into multi-well pad drilling. The STS Project provides strong validation of the Company's strategy of positioning itself as a low cost of entry player in project areas that demonstrate strong economic performance due to proximity to infrastructure and recoveries. We expect to continue to execute on this strategic model as we begin moving into similar emerging play areas where our long standing professional relationships and local area expertise will provide us new business development opportunities."
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. It currently has two principal properties situated in South Texas with targets in the "Olmos" and "Eagle Ford" formations.
ON BEHALF OF THE BOARD OF DIRECTORS
Eric Boehnke, Chief Executive Officer
(i) BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
This press release includes "forward-looking information" within the meaning of applicable Canadian securities laws, including information regarding the development of the STS Project and the timing thereof and the expected quantity and value of natural gas liquids that may be recovered from the STS Project. Users of forward-looking information are cautioned that actual results may vary from the forward-looking information disclosed in this press release. The material risk factors that could cause actual results to differ materially from the forward-looking information contained in this press release include, changes to the prices at which the Company is able to sell oil, natural gas or NGL, changes to production rates at the STS Project, changes to LNG recovery rates at the STS Project, changes to the Company's ability to access infrastructure in the vicinity of the STS Project at a reasonable price, costs for and availability of required goods and services, regulatory changes and all of the other risks and uncertainties normally associated with the exploration for and development and production of oil and gas. The forward-looking information contained in this press release represents management's best judgment of future events based on information currently available. The material assumptions used to develop the forward-looking information include: that prices for oil, natural gas, and NGL from the STS Project will not fall, that production from the wells at the STS Project will continue as projected, that the Company will be able to access infrastructure in the vicinity of the STS Project on reasonable terms, that the Company will be able to access the goods and services necessary in order to conduct further exploration, development and production at the STS Project on reasonable terms, that regulatory requirements will not change in any material respect and that other aspects of the Company's operations will not be affected by unforeseen events. The Company does not assume the obligation to update any forward-looking information, except as required by applicable law.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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