Terrace Energy Announces First Half Results
04 October 2013 - 12:18AM
OTC Markets
Terrace Energy Announces First Half Results
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Terrace Energy Announces First Half Results
Canada NewsWire
VANCOUVER, Oct. 3, 2013
VANCOUVER, Oct. 3, 2013 /CNW/ - Terrace Energy Corp. (the
"Company")
(TSXV: TZR; OTCQX:TCRRF; FRANKFURT:2TR) is pleased to announce
its
financial and operating results for the six and three months ended
July
31, 2013.
The Company's interim financial statements and management
discussion and
analysis for the six and three months ended July 31, 2013 is available
for viewing at www.sedar.com and on the Company's website at
www.terraceenergy.net.
All dollar amounts are expressed in United States dollars unless
otherwise stated.
First Half Achievements
Finalized transactions to organize the Black Brush Terrace LP
and
acquire an interest in a 147,000 acre project in South Texas from an
affiliate of Shell Oil.
Completed non-brokered private placements of convertible notes in
the
aggregate amount of CDN$40,000,000.
Drilled the first well on the Black Brush Terrace LP property to a
total
measured depth of approximately 12,000 feet including an
approximate
4,000 foot horizontal lateral section in the Pearsall Shale. The
well
is in the completion stage of development.
Successfully re-entered and placed into production a previously
drilled
Eagle Ford Shale well on the Black Brush Terrace LP
property.
Drilled four additional wells on the STS Olmos project. Two of the
wells
were subsequently placed into production and the remaining two are
in
the completion stage of development.
First Half Highlights
Total revenues from oil and gas sales for the six and three months
ended
July 31, 2013 were $1,621,660 and $765,958 respectively compared to
$759,958 and $202,868 for the six and three months ended
July 31, 2012
respectively.
The Company's aggregate share of production from the STS Olmos
wells and
the Cutlass well for the six months ended July 31, 2013 was
approximately 17,877 barrels of oil and liquids at an aggregate
average
price of $83.60 per barrel of oil
equivalent and 28,308 thousand cubic
feet of natural gas at an average price of $4.05 per million cubic
feet.
Financial Summary
Results of operations (unaudited) for the six and three months
ended
July 31:
|
Six
Months
2013
|
Six
Months
2012
|
Three
Months
2013
|
Three
Months
2012
|
|
|
|
|
|
|
|
|
|
Oil & Gas revenues
|
$
|
1,621,660
|
$
|
759,958
|
$
|
765,649
|
$
|
202,868
|
|
|
|
|
|
|
|
|
|
Direct operating expenses
|
|
248,839
|
|
120,824
|
|
60,510
|
|
55,382
|
Depreciation, depletion and accretion
|
|
493,531
|
|
18,468
|
|
220,773
|
|
12,949
|
|
|
742,370
|
|
139,292
|
|
281,283
|
|
68,331
|
| |
Operating income
|
|
879,290
|
|
620,666
|
|
484,366
|
|
134,537
|
Equity income in Black Brush Terrace LP
|
|
35,909
|
|
-
|
|
35,909
|
|
-
|
|
|
915,199
|
|
620,666
|
|
520,275
|
|
134,537
|
|
|
|
|
|
|
|
|
|
General and administrative expenses
|
|
1,301,344
|
|
595,336
|
|
778,838
|
|
366,648
|
Interest expense
|
|
1,033,125
|
|
-
|
|
833,938
|
|
-
|
Foreign exchange gain
|
|
(761,051)
|
|
(92,687)
|
|
(794,843)
|
|
(61,644)
|
Share-based payments
|
|
304,194
|
|
146,020
|
|
231,077
|
|
70,289
|
Impairment of exploration and evaluation assets
|
|
73,983
|
|
-
|
|
-
|
|
-
|
Recovery of exploration and evaluation assets
|
|
-
|
|
-
|
|
(30,167)
|
|
-
|
|
|
1,951,595
|
|
648,669
|
|
1,018,843
|
|
375,293
|
Net loss for the period
|
$
|
(1,036,396)
|
$
|
(28,003)
|
$
|
(498,568)
|
$
|
(240,756)
|
Loss per share
|
$
|
(0.02)
|
$
|
(0.00)
|
$
|
(0.01)
|
$
|
(0.00)
|
Summary Balance Sheet
|
|
July 31,
2013
|
|
January 31,
2013
|
|
|
|
|
|
Current assets
|
$
|
17,715,920
|
$
|
3,050,989
|
Operators bond
|
|
25,000
|
|
25,000
|
Investment in Black Brush Terrace LP
|
|
12,900,434
|
|
-
|
Advances for future exploration
|
|
1,890,819
|
|
459,008
|
Exploration and evaluation assets
|
|
10,878,981
|
|
6,737,039
|
Property and equipment
|
|
9,615,819
|
|
6,047,528
|
Total assets
|
|
53,026,973
|
|
16,319,564
|
Total liabilities
|
|
35,700,161
|
|
579,601
|
Total equity
|
$
|
17,326,812
|
$
|
15,739,963
|
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,
particularly in South
Texas.
ON BEHALF OF THE BOARD OF DIRECTORS
Eric Boehnke, Chief Executive
Officer
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.
SOURCE Terrace Energy Corp.
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