In April 2013, BlackBrush Terrace, LP (50% owned by Terrace Energy Corp.), acquired the right to earn a 50% operated WI in 147,000 gross acres from a major oil company for a total of 36,750 net mineral acres.
Attractive Asset with Exploration Focus:
The Chittim Ranch acreage position in Maverick County has multiple prospective horizons including all of the active South Texas Cretaceous oil-bearing formations. Analysis of 300 sq miles of proprietary 3D seismic data and additional data from previously drilled vertical wells indicate strong potential in the Pearsall Shale, Eagle Ford Shale, Buda, Glen Rose and Georgetown Formations. Three Eagle Ford wells have been developed by the partnership and are currently producing. In addition, we have drilled five evaluation wells on the acreage to evaluate multiple prospective horizons on various locations within the ranch.