VANCOUVER, BC, June 3, 2020 /CNW/ - Terrace Energy
Corp. (the "Company") (TSXV: TZR) provides the following
update on corporate activities.
Due to the drastic deterioration of energy commodity prices
resulting from the COVID 19 Pandemic and the collapse of world-wide
oil demand, the Company has determined that its partnership
interest in its Maverick County exploration program no longer holds
any commercially viable value. The Company had been pursuing
efforts to market its interest in the project; however, discussions
with all apparent potential buyers have been unsuccessful. In light
of current and forecasted commodity prices, the Company has
determined that there is no reasonable likelihood that a viable
buyer can be identified or that a transaction will occur.
Consequently, the Company has elected to cease activities related
to the project including seeking a potential buyer and will write
off its remaining value in the asset in its most recently filed
financial statements.
The Maverick County exploration program was the Company's sole
remaining oil & gas project. The Company has filed a Form NI
51-101F5 noticing cessation of oil & gas activities.
The Company is currently evaluating alternatives to reorganize
its capital structure.
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.
ON BEHALF OF THE BOARD OF DIRECTORS
"Dave Gibbs"
Dave
Gibbs, CEO
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE
EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF
THIS RELEASE.
SOURCE Terrace Energy Corp.