Terrace Energy Appoints New Executives
2013年10月16日 - 9:00PM
OTC Markets
Terrace Energy Appoints New Executives
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Terrace Energy Appoints New Executives
Canada NewsWire
VANCOUVER, Oct. 16, 2013
VANCOUVER, Oct. 16, 2013 /CNW/ - Terrace Energy Corp. (the
"Company or
Terrace") (TSXV: TZR) (OTCQX:TCRRF) (FRANKFURT:2TR) is very pleased
to
announce the following executive appointments:
Dave Gibbs has been appointed
President and Chief Executive Officer of
the Company effective immediately. Mr. Gibbs has been the
Company's
President since June 2011 and has
over 35 years of previous experience
in both technical and executive leadership roles in the upstream
oil &
gas industry with a successful track record of creating and
growing
exploration and production companies. He has extensive knowledge
of
reservoir engineering and project evaluation as well as operations
and
project management skills on large-scale domestic and international
oil
& gas operations.
Eric Boehnke, the Company's former
Chief Executive Officer, has been
appointed Executive Vice Chairman of the Company, also
effective
immediately.
Eric Boehnke commented: "These
executive changes are part of the
Company's transitioning from an entrepreneurial start-up to a
management-led oil & gas operations company. Dave has
demonstrated his
ability to lead the Company into the future and the Board of
Directors
are pleased he has accepted the challenge."
George Morris has agreed to join
Terrace as Chief Operating Officer of
the Company. His appointment will become effective October 21, 2013.
Mr. Morris has a career spanning over thirty five years of
hands-on
experience in reservoir, drilling and production engineering
activities
as well as directing acquisition and exploitation efforts for
both
large and small E&P companies. Mr. Morris was most recently the
Chief
Operating Officer of ATP Oil & Gas [2008-2013] and Chief
Operating
Officer of Chroma Exploration & Production [2004-2008].? Prior
to these
appointments, Mr. Morris held executive and management positions
with
TDC Energy, Burlington Resources, Louisiana Land and Exploration,
Nerco
Oil & Gas and Union Texas Petroleum.? Mr. Morris has
concentrated
experience in the Gulf of Mexico,
Texas and Louisiana Gulf Coast,
East
Texas and West
Texas.
Dan Carriere, the Company's
Chairman, commented: "The Company is
entering a very exciting growth period.? The Board of Directors
welcomes the timely addition of George to our Houston office to assist
Dave and the rest of our team with the smooth execution of our
strategic plan."
Subject to the approval of the TSX Venture Exchange, the Company
will
grant an aggregate of 950,000 restricted share units
("RSUs") to certain Houston
based officers and employees of the Company,
including Mr. Gibbs and Mr. Morris (the "RSU Recipients"). The RSUs
are
intended to incentivize and align the interests of the RSU
Recipients
with the interests of the shareholders.
Each RSU will represent the right to receive one common share of
the
Company upon vesting. ? Unless otherwise approved by the Board, all
of
the RSUs will vest upon the occurrence of a change of control
transaction.
In the absence of a change of control transaction or other
acceleration
of the vesting date by the Board, any unvested RSUs will expire
five
years from the date of grant.
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
Dan Carriere, Chairman
For further information please contact:
terrace@terraceenergy.net
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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