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, 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.
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