Terrace Energy Corp. is very pleased to announce the addition of Justin F. Foley as Director of Land and Legal to our senior management team effective immediately. Justin will play a critical role in the management of the Company’s development and exploration drilling programs as well as our ongoing expansion activities in the prolific South Texas Cretaceous play.
Mr. Foley holds both a Masters of Business Administration from Jacksonville University and a Doctor of Jurisprudence degree from South Texas College of Law. Justin brings critical experience in South Texas, having worked in land acquisition and administration, regulatory affairs and contract law with Petrohawk Energy, Hilcorp Energy and Linn Energy. In these assignments, Justin has been an active participant in the development of the Eagle Ford Shale play from its inception. Prior to joining the oil industry, Mr. Foley also served with distinction as a highly decorated combat veteran with the United States Marine Corps.
The Company is also pleased to announce that field operations have commenced on the Chittim Heirs 3-H, its first horizontal well in the highly prospective fractured Buda Limestone play on its 147,000 acre Maverick County Project. This well will be drilled with a two-step process using a conventional drilling rig to drill and case the vertical portion of the well down through the Eagle Ford Shale. The horizontal portion of the hole will then be drilled using a large diameter, coil tubing unit using cutting edge underbalanced drilling techniques. Planning and permitting are in process on the twelve well pad-drilling program on the STS project and initial exploration drilling on the Big Wells project. Further updates on these projects will follow as soon as field activity is initiated.
Dave Gibbs, Company President and CEO stated: “We are extremely pleased to have Justin join our senior management team. The Company has exciting exploration and development programs underway in our Maverick County, STS Olmos and Big Wells Buda Programs. Justin’s experience, professionalism and tenacity will be invaluable as we aggressively grow these projects in 2014.”
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