Terrace Resources Inc.
TSX VENTURE : TZR.P

March 31, 2011 09:00 ET

Terrace Resources Inc.: Update to Shareholders

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 31, 2011) - The directors of Terrace Resources Inc. ("Terrace" or the "Company") (TSX VENTURE:TZR.P) are pleased to provide the following update regarding its proposed acquisition of certain oil and gas interests constituting Terrace's Qualifying Transaction under the policies of the TSX Venture Exchange (the "Exchange").

The Company's subsidiary Terrace Operating LLC has entered into a definitive farm out agreement with Eagle Energy Development Company ("Eagle") pursuant to which it is entitled to earn an 87.5% working interest and 65.1875% net revenue interest in certain oil gas leases in the Tailfeathers Yegua field in Wharton County Texas, by fracture-stimulating an existing well. The agreement remains subject to all of the material terms and conditions set out in the Company's press release dated February 4, 2011, including receipt and final acceptance by the Exchange.

The Company has filed a draft reserve report in Form 51-101 with the Exchange and is in the process of completing a filing statement for submission to the Exchange.

APPROVED BY THE BOARD OF DIRECTORS

Bill McCartney, Director

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Terrace Resources Inc.
    Murray Oliver
    Director
    604-687-0888
    mjo@pemcorp.com