Terrace Energy Corp. (TSXV:TZR) announced its Q3 results.
As quoted in the press release:
The Company completed and placed into production, on or about October 17, 2012, two new prospective wells (SP5 #1 and SP5 #2) on its STS Olmos project. The Company’s share of oil and gas sales from these wells for the 14 days ended October 31, 2012 was approximately US$225,000. The successful completion of these wells confirmed that the Olmos formation extends over 5 miles from the initial discovery well (STS 1-667). The Company has a 33% working interest and 25% net revenue interest in the two new wells.
Terrace Energy’s CEO, Eric Boehnke, said:
We are very pleased with the success of the STS Olmos project to-date and with our team’s ability to generate new very prospective projects for future development. We are looking forward to placing the near completed well on the Cutlass project into production as soon as practical and further developing the potential of the field.