Terrace Energy Corp. announce that its wholly owned subsidiary, Terrace STS, LLC, has secured a US$75 million senior unsecured term credit facility (the "Term Credit Facility"), which is non-recourse to Terrace, to fund the development of its STS Olmos Project in McMullen and LaSalle Counties in south Texas. The facility is arranged and provided by Chambers Energy Capital (Chambers) of Houston, Texas.
Dave Gibbs, the Company's President and CEO commented: "We are extremely pleased to work with Chambers, a highly respected capital provider to the oil and gas industry in the United States. This facility will allow us to accelerate our development plans to drill and complete approximately 55 gross wells over the next 30 months. The cash flow we expect to generate will be the catalyst for the Company's transformation from a pure exploration company to a robust oil producer."