Terrace Energy Corp. has received approval from the TSX Venture Exchange and concluded an agreement with BlackBrush Oil & Gas, LP (BlackBrush) concerning the proposed transactions that were previously announced on February 26, 2013.

The Company and BlackBrush have entered into a binding agreement under which the parties agreed to organize a special purpose limited partnership (the "SPLP") to acquire a 50% working interest (the "WI") in certain oil & gas leases covering approximately 147,000 net mineral acres in South Texas, USA (the "Target Acreage") from SWEPI LP ("Shell"). The SPLP will initially be owned and funded 50% by Terrace and 50% by BlackBrush and jointly managed by the parties. BlackBrush will be contracted by the SPLP to perform the duties of project operator.

Tags: Terrace Energy