Terrace Energy Corp. has successfully executed an aggressive drilling program on both of its major projects, drilling two new wells on each project.

These wells resulted in a major Eagle Ford discovery on our Cutlass Project in Dimmit and LaSalle Counties, with an equally successful confirmation well over nine miles east of the initial discovery.

The Company also drilled two highly significant confirmation wells on its previously reported Olmos discovery in McMullen County Texas, extending the known productive limits of the field by over five miles to the southwest.

Completion operations are currently being scheduled with significant new production anticipated in late third quarter and early fourth quarter.

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