Terrace Energy Corp. (Terrace Energy), is pleased to announce that its wholly owned subsidiary, Terrace US Holdings, LLC (Terrace US and, together with Terrace Energy, Terrace) has entered into an agreement with Redhawk Resources, LLC (Redhawk) wherein Redhawk has granted Terrace US an option to acquire interests in certain mineral leases in Finney County, Kansas (the “Option”). Such leases include the right to explore and exploit the coveted Mississippi Lime formation.
Eric Boehnke, Terrace Energy’s Chief Executive Officer, commented: “We are very pleased to secure this opportunity for Terrace shareholders on such favorable terms. The project area hosts significant potential for both development and expansion in multiple zones. We are particularly excited about the prospect of exploiting the Mississippi Lime formation, which has similar characteristics to, as well as the reserve potential of the Eagle Ford shale formation with significantly lower historic well development costs.”