Terrace Energy Corp. announced the appointment of Dave Gibbs as President of the company. Mr. Gibbs, a director of the company, has over 35 years of experience in the upstream oil and gas industry and a degree in Mechanical Engineering from Georgia Institute of Technology. The company has agreed to acquire an additional 5% working interest and 3.75% net revenue interest in the Cutlass Project for $234,096. The Cutlass Project consists of certain oil & gas mineral leases covering approximately 3,395 acres in Dimmitt and LaSalle Counties, Texas. The Company previously purchased a 25% working interest and an 18.75% net revenue interest in the Cutlass Project in November 2011. The Company has entered into a non-binding Letter of Intent (LOI) to acquire interests in certain mineral leases covering approximately 8,800 acres in Regan and Irion Counties, Texas. The LOI provides that the Company will acquire a 50% working interest and a 37.5% net revenue interest in 4 recently drilled producing oil wells plus oil & gas mineral leases covering approximately 2,300 acres for an aggregate maximum purchase price of $5,750,000. The LOI further provides that the Company will be granted an option to acquire a 50% working interest and a 37.5% net revenue interest in approximately 6,500 acres of adjacent undeveloped mineral leases on terms yet to be finalized. The final terms of the acquisition and option agreement will be set out in a definitive purchase and sale agreement, which is currently under negotiation, and is subject to financing among other things.