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TSX: TZR.V Corporate Overview October 2014 A focused team, creating value through early innovation in a prolific basin

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Page 1: A focused team, creating value through early innovation in ...terraceenergy.net/_resources/presentations/Terrace... · A focused team, creating value through early innovation in a

TSX: TZR.V

Corporate OverviewOctober 2014

A focused team, creating value through early innovation in a prolific basin

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Cautionary Notes

1

Not for Distribution; No OfferingThis presentation and the material contained herein are confidential and are not to be disclosed to the public. This presentation is for information purposes only and may not be reproduced ordistributed to any other person or published, in whole or part, for any purpose whatsoever. This presentation does not constitute a general advertisement or general solicitation or an offer to sellor a solicitation to buy any securities in any jurisdiction. Such an offer can only be made by prospectus or other authorized offering document. This presentation and materials or fact of theirdistribution or communication shall not form the basis of, or be relied on in connection with, any contract, commitment or investment decision whatsoever in relation thereto. The information inthis presentation is not intended in any way to qualify, modify or supplement any prospectus or other information disclosed under the corporate and securities legislation of any jurisdiction relatingto Terrace Energy Corp. (the “Company” or “Terrace”). The Company’s securities have not been registered under the United States Securities Act of 1933, as amended, and may not be offered orsold within the United States or to or for the account or benefit of U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. Any public offering inthe United States must be made by means of a prospectus containing detailed information about the Company and management, as well as financial statements. No securities commission orsimilar authority in Canada has in any way passed upon the adequacy or accuracy of the information contained in this presentation. The information in this presentation is qualified in its entiretyby the Company’s public disclosure documents, which are available on SEDAR at www.sedar.com.Oil and Gas DisclosureInformation included in this presentation regarding oil and gas operations, properties and assets, and estimates of oil and gas reserves has been prepared in accordance with the Canadiandisclosure standards set out in National Instrument 51‐101 of the Canadian Securities Administrators – Standards of Disclosure for Oil and Gas Activities (“NI 51‐101”) and the Canadian Oil & GasEvaluation Handbook (“COGEH”), which differ in certain respects from the disclosure standards applicable to information included in reports and other materials filed with the United StatesSecurities and Exchange Commission (the “SEC”) by United States issuers subject to SEC reporting and disclosure requirements. The SEC generally permits United States reporting oil and gascompanies, in their filings with the SEC, to disclose only proved, probable and possible reserves and production, net of royalties and interest of others. The SEC generally does not permit reportingcompanies to disclose net present value of future net revenue from reserves based on forecast prices and costs. Canadian securities laws permit, among other things, the presentation of certaincategories of resources and the disclosure of production on a gross basis before deducting royalties. Unless noted otherwise, all disclosures of reserves and resources in this presentation are madeon a gross basis using forecast price and cost assumptions. This presentation includes “analogous information”, as defined in NI 51‐101. Such analogous information is derived from publiclyavailable information sources which are predominantly independent in nature. Some of this data may not have been prepared by qualified reserves evaluators or auditors and the preparation ofany estimates may not be in strict accordance with COGEH. Regardless, estimates by engineering and geo‐technical practitioners may vary and the differences may be significant. The Companybelieves that the provision of this analogous information is relevant to its oil and gas activities, given its acreage position and operations (either ongoing or planned) in the areas in question. Whenused in this presentation, “BOE” or “boe” refers to barrels of oil equivalent of natural gas and crude oil on the basis of 1 boe for 6 thousand cubic feet of natural gas (this conversion factor is anindustry accepted norm and is based on energy equivalency rather than current prices or value equivalency). BOEs/boes may be misleading, particularly if used in isolation. A boe conversion ratioof six (6) thousand cubic feet to one (1) barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at thewellhead.Forward‐Looking Information and Forward‐Looking StatementsThis presentation contains “forward‐looking information” within the meaning of applicable Canadian securities laws and “forward‐looking statements” within the meaning of the United StatesPrivate Securities Litigation Reform Act of 1995 (together, “forward‐looking statements”). Forward‐looking statements in this presentation include, but are not limited to, statements with respectto: the Company’s strategy, exploration and development plans; planned drilling locations; expected drilling results, production, costs, market prices, values and other economic indicators,including prices for the Company’s products; the potential of the Company’s acreage, production amounts, annual cash flow from production; hypotheses regarding the geology of the basins inwhich the Company has operations and is conducting exploratory work; expectations regarding future supply and demand for oil and natural gas; the Company’s borrowing capacity; the Company’sability to add to reserves through development; anticipated treatment under governmental regulatory regimes and tax laws, and other general matters. Statements relating to “reserves” are alsoforward‐looking statements, as they involve the implied assessment, based on certain estimates and assumptions, including that the reserves described can be profitably produced in the future. Inaddition, this presentation may contain forward‐looking statements attributed to third party industry sources.

www.terraceenergy.net

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Cautionary Notes (continued)

2

These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those included in the forward‐looking statements. These statements are onlypredictions based on current information and knowledge. Actual future events or results may differ materially. Undue reliance should not be placed on such forward‐looking statements, as therecan be no assurance that the plans, intentions or expectations upon which they are based will occur.The forward‐looking statements in this presentation are based on a number of assumptions, including, but not limited to, the following: stability in the credit markets and continued willingness oflenders to lend capital to issuers such as the Company; continuing availability of funds for capital expenditures through internally generated cash and/or equity raises; stability of the political andfiscal regimes in the United States and Canada; ability of the Company to hold the mineral leases and projects in which it has interests and to find suitable industry partners if and as needed; stablefuture costs; availability of equipment and personnel when required for operations; continuing strong demand for oil and natural gas; that the Company will not experience unforeseen delays,unexpected geological, environmental or other natural occurrences, equipment failures, permitting delays or delays in procurement of required equipment or personnel; that the Company will notexperience labour or contract disputes; that the Company’s financial condition and development plans and those of its co‐venturers will not substantially change; the assumptions underlyingestimates of reserves; that indications of early results are reasonably accurate predictors of the prospectiveness of the shale intervals; that tax, environmental and other regulations affecting theCompany will not substantially change, and that required regulatory approvals will be available when required; that expected production from future wells can be achieved as modeled and thatdeclines will match the modeling; that rates of return as modeled can be achieved; that reserve recoveries are consistent with management's expectations; that additional wells are actually drilledand completed; expectations and assumptions regarding future growth, results of operations, production, future capital and other expenditures (including the amount, nature and sources offunding thereof); that the number of wells to be drilled in the near term, well spacing, total drillable locations, flow rates, recovery per well and initial flow rate per well will all be as expected;assumptions described in the Company’s Management's Discussion and Analysis, annual oil and gas filings made pursuant to NI 51‐101, and other public filings made by the Company on SEDAR;and general assumptions regarding business prospects and opportunities. Some of the technical assumptions are based on industry published models, but are not independently verified by thirdparty experts. Some of the information regarding reserve potential and drilling locations are based on third party reports provided to the Company.Actual results could differ materially from those anticipated in forward‐looking statements as a result of the following risks and uncertainties: volatility in market prices for oil and natural gas; risksinherent in oil and gas operations; uncertainties associated with estimating oil and natural gas reserves; competition for, among other things, capital, acquisitions of reserves, undeveloped landsand skilled personnel; incorrect assessments of the value of acquisitions; geological, technical, drilling and processing problems; uncertainties associated with the utilization of hydraulic fracturingin relation to the Company's existing and/or future properties; fluctuations in exchange or interest rates and stock market volatility; rising costs of labour and equipment; inherent uncertaintiesinvolved in the legal dispute resolution process; changes in income tax laws or changes in tax laws and incentive programs relating to the oil and gas industry; tightening of the credit markets,global economic uncertainty, counterparty risk; equipment failures, permitting delays, delays in procurement of required equipment or personnel, and labour or contract disputes; changes in theCompany's financial condition and development plans or those of its co‐venturers; risks relating to disagreements or disputes with joint venture partners, including any failure of a joint venturepartner to fund its obligations; risks and uncertainties associated with securing necessary regulatory approvals, including the risk that the Company or its subsidiaries is not able for any reason toobtain and provide the information necessary to secure required approvals or that required regulatory approvals are otherwise not available when required; risks and uncertainties associated withpotential changes in environmental or other regulations, permitting processes or taxation; the risk that the Company is unable to access required capital; the risk that unexpected geological resultsare encountered, that completion techniques require further optimization, and that production rates do not match the Company’s assumptions; and those risks and uncertainties described in theCompany’s Management's Discussion and Analysis, annual oil and gas filings made pursuant to NI 51‐101, and other public filings made by the Company on SEDAR.Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward‐looking statements, theremay be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward‐looking statements will prove to be accurate, asactual results and future events could differ materially from those anticipated in such statements. The reader is cautioned not to place undue reliance on forward‐looking statements. Theforward‐looking statements contained herein are presented for the purpose of assisting readers in understanding the Company’s expected financial and operating performance and the Company’splans and objectives and may not be appropriate for other purposes. These forward‐looking statements are expressly qualified in their entirety by this cautionary statement. The Companydisclaims any obligation to update this forward‐looking information, except as required by law.Certain of the forward‐looking statements in this presentation constitutes “financial outlook” within the meaning of applicable Canadian securities laws, including without limitation the Company'sprojected cash, property values, and capitalization rates. This information is intended to illustrate the potential of the Company's business strategy. Readers are cautioned that this informationmay not be appropriate for other purposes. There is no assurance that this financial outlook will be realized.

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Corporate Strengths

Proven Strategy

ExperiencedManagement & Board

StrongCapitalization

$75 million financing package in place to fully develop the Company’s core development assets.

Solid equity positionto fuel the Company’s exploration program.

Strong blend of seasoned technical experts and proven financial management. Team members have more than 35 years average experienceand an outstanding track 

record of creating excellent shareholder returns.

Target emerging opportunitiesin the South Texas Fairway 

using Strong regional knowledge, 

state‐of‐the‐art technology, and unconventional drilling techniques to unlock 

new resources.

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Outstanding Acreage Position in ProlificSouth Texas Fairway

Balanced Portfolio of Development and Exploration

Critical Value Drivers

~ 180,000 gross mineral acres (~53,000 net to Terrace)

Development projects are fully financed with non‐recourse development funding Cash reserves in place to fund exploratory program through year‐end 2015 without relying on generated cash flow

Proven Development in the Olmos• 10 successful delineation wells drilled• ~160 identified drilling locations• 9.3 MMBoe Proved plus Probable reserves* 

net to Terrace• $113 million PV@10%* net to Terrace• Substantial upside potential as drilling 

progresses

*(NI 51‐101 report effective 1/31/14)

Strong Financial Resources

Large Scale Exploration Programs inBuda Lime and Emerging Plays

• 147,000 acre ranch with multiple cretaceous objectives, including proven Buda Limestone, Eagle Ford Shale andPearsall Shale

• 10,000 acre leasehold strategically located in the Buda Limestone Horizontal Play

• ~ 400 square miles of 3‐D seismic data over existing leasehold

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Operating Areas

Maverick CountyMultiple Objectives

South Texas SyndicateOlmos

Big WellsBuda

NW‐AWPOlmos

CutlassEagle Ford

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Development ProjectsExploration Projects

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Development ProjectsOlmos Tight Sandstone Play

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Tri Bar Olmos Field743 MBO, 47 BCF

Sun TSH Olmos Field1879 MBO, 100 BCF

AWP Olmos Field49 MMBO, 500 BCF

Olmos Log ShowsNueces River

La Salle Co. McMullen Co.

South Texas SyndicateOlmos

NW‐AWPOlmos

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Olmos Development Projects

• South Texas Syndicate Project• Terrace owns approximately 30% working interest in 17,000 gross mineral acres 

o 145 potential drilling locations (53 net to Terrace)o Type curve yields 487 MBoe per location (83% liquids)*o P3 reserve potential ~20MMBoe net to Terrace*

• Project delineation phase complete (9 wells / 100% success)• Multi‐well “pad” drilling program initiated

o 6 wells scheduled for 2014, 21 in 2015, 36 wells per year beginning in 2016

• NW AWP Field Project• Terrace owns rights to 33% working interest in 3,600 gross mineral acres

o 12 – 18 potential drilling locationso Geological characteristics analogous to STS projecto P3 reserve potential ~ 3MMBoe net to Terrace*

• Discovery well frac’d and flow testing• 4 delineation wells scheduled for 2015

7www.terraceenergy.net* 3rd party models

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South Texas Syndicate Development Project

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NW AWP Development Project

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AWP Olmos Field49 MMBO, 500 BCF

Quintanilla 0L‐1H

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Exploration Focus Areas

Source: IHS Production Data

Eagle Ford Shale Trend

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Buda Limestone Historical Trend

Maverick CountyMultiple Objectives

Big WellsBuda

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Maverick County Project

Massive Acreage Position with Multiple Prospective Oil Bearing Horizons

• BlackBrush Terrace LP (50% owned by Terrace Energy) has the right to acquire a 50% operated working interest  in 147,000 gross acres

• Acreage has multiple productive horizons including all of the active South Texas Cretaceous oil‐bearing formations

• Established production in Eagle Ford Shale• Logged pay and extensive oil‐stained fractures in Buda 

Limestone cores• Strong hydrocarbon indicators also in Austin Chalk, 

Georgetown, Glen Rose • Organic rich Pearsall Shale over 500’ thick with multiple 

porosity “benches”

• Project includes ~300 square miles of proprietary 3D seismic data • Highly complex deep‐seated Jurassic structure • Strong natural fracture “swarm” areas indicating highly 

prospective Buda and Austin Chalk

• Historical vertical well production in multiple horizons including numerous successful Buda, Austin Chalk and Pearsall Shale tests

11www.terraceenergy.net

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Maverick County Initial Evaluation Program

F‐1H Eagle Ford Producing

Chittim Heirs 2HEagle Ford Producing

BTLP Chittim 1HPearsall Strat Test

HistoricalPearsall Production

HistoricalBuda Production

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Chittim Heirs #4(drilling)

Planned Buda Well

Chittim Heirs 3H BudaDual Lateral ‐ (drilling)

Planned Buda Well

Planned Serpentine Plug Wells

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Deep Jurassic structure

Buda Limestone Horizon

Serpentine Plug Amplitudes(shallow Cretaceous horizons)

Chittim Heirs 3H Chittim Heirs 4H Pearsall Strat Test Planned Chittim Heirs 6H

Serpentine Plug Strat Tests

Maverick County Project3‐D Visualization

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Big Wells Buda Limestone Project

Drill‐to‐Earn Agreement with Rights to Acquire up to 10,130 Net Mineral Acres

• Terrace Energy has the right to acquire up to 100%  working interest  in 10,130 gross acres in the emerging Buda Limestone Horizontal Play 

• Project is strategically located within an active fairway with numerous recently reported successful completions

• Newly acquired 3D seismic data is providing extensive insight to improve well planning and mitigate risks

• Newly developed underbalanced drilling techniques are yielding reported well results similar to Eagle Ford completions at 30% ‐ 50% of the capital investment of Eagle Ford wells

• Price #1H project is currently testing

• Four additional locations are staked and permitting

• Project holds the potential for 80 to 120 drilling locations

14www.terraceenergy.net

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Big Wells Area Buda Project

15

Hughes Heitz 3H689 BOPD, 302157 BO (12/2011)

Terrace Price #1HBuda Lateral

Terrace Paschall #1HPlanned Buda LateralTERRACE

FARM-IN

TERRACE FARM-IN

Buda WellsBuda Wells > 100MBO

Terrace Leasehold

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PROJECTIONS SLIDE2014 2015 2016Average Production (BOEPD) 600 2000 3900

Exit Rate (BOEPD) 1200 3000 5100

Capital Expenditures ($MM) $40 $77 $79

Internal Performance Metrics*

*Midpoint Estimates Based on Internal ModelingAll values are net to Terrace’s interest

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Capital Structure

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Terrace Energy ‐ Capitalization Summary

Shares Outstanding 87,844 

Stock Options and Warrants 3,400 

RSUs 1,200 Convertible Notes (Convertible at CAD $2.00 per share) 19,295 

Fully Diluted Shares Outstanding (~36% insider ownership) 111,739 

Total Cash on Hand (Approx.) $40,000 

Cash on Hand ‐ Dedicated to Development (Approx.) $19,000

Cash on Hand – Available for Exploration Program and   General Corporate Purposes (Approx.) $21,000

(All Amounts in 000’s as of 10/9/14 unless otherwise noted)

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Management TeamDave Gibbs – President and Chief Executive Officer, DirectorMr. Gibbs received a Bachelor of Engineering degree from Georgia Tech in 1975 and has 39 years experience in the oil & gas exploration and development business. Mr. Gibbs began his career with Exxon Corporation in 1975 and subsequently held senior management positions of several successful independent oil companies (both public and private) including The Superior Oil Co, Union Texas Petroleum and Nerco, gaining experience in every major producing basin in  the US, as well as several international assignments. In 1992,  Mr. Gibbs launched TDC Energy, a highly successful private company which was merged into a public vehicle in 2005.George Morris – Chief Operating OfficerMr. Morris holds a BS in Mechanical Engineering from Colorado State and has 36 years experience in reservoir, drilling and production engineering activities as well as directing acquisition and exploitation efforts for both large and small E&P companies. Mr. Morris held executive and management positions with ATP Oil & Gas, Chroma E&P, TDC Energy, Burlington Resources, Louisiana Land and Exploration, Nerco Oil & Gas and Union Texas Petroleum. Keith Godwin – Chief Financial OfficerMr. Godwin holds a Bachelor of Business of Business Administration in Finance and Accounting from Texas A&M University and is a Certified Public Accountant in the State of Texas. He began his career in public accounting at Coopers and Lybrand (predecessor firm toPriceWaterhouse Coopers) where he performed audits for small and large energy clients. In his 25 year career he has served various executive and management capacities in the finance organization in upstream oil and gas companies.Bill McMoran – Vice President, ExplorationMr. McMoran holds both a BS and an MS in Geology from University of Arkansas and brings more than 45 years’ experience in oil and gas exploration with Texaco and several independent exploration companies. He was the Exploration Manager of Whittier Energy from its start‐up to its merger with Atinum Energy in 2009. During his career, Mr. McMoran has been involved in the discovery of over 200 million barrels of oil (equivalent).Dan Morris – Vice President, GeosciencesMr. Morris holds a BS in Geophysical Engineering from Colorado School of Mines and a Master’s degree from the American Graduate School of International Management and has 31 years of domestic and international experience in exploration, seismic acquisition, processing and interpretation.  Mr. Morris possesses an in‐depth understanding of oil and gas prospect development, asset acquisitions and the strategic use of technology. He has significant domestic exploration experience in Texas and Louisiana and international experience in China, Nigeria, Argentina, Indonesia, Malaysia, Egypt and England.   18www.terraceenergy.net

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Board of DirectorsDan Carriere – ChairmanMr. Carriere was a founding partner and significant shareholder, as well as the Senior Vice President, of Corriente Resources Inc. (TSX) from 1992 until thesale of Corriente to CRCC‐Tongguan Investment (Canada) Co., Ltd. (owned jointly by Tongling Nonferrous Metals Group Holdings Co., Ltd. and ChinaRailway Construction Corporation Limited) for approximately $678 million in mid‐2010. During the past 20 years, Mr. Carriere has been instrumental in thedevelopment and financing of small to medium capitalized companies, both private and public, in Canada and the USA. Mr. Carriere was also a Director andsignificant shareholder of ID Biomedical Corporation since the Company's initial public offering in 1991. ID Biomedical grew from an initial $3 millionmarket capitalization to $1.7 billion at the time of its takeover offer from Glaxo Smith Kline plc in 2005.Eric Boehnke – Executive Vice Chairman, DirectorMr. Boehnke has been the President and a Director of Big Sky Management Ltd., a private company principally involved with providing corporate financeservices to private and public companies. Mr. Boehnke has been an officer and director of a number of public companies, including Petra Petroleum(TSXV: PTL), a company focused on finding and developing international oil and gas opportunities.William McCartney – DirectorMr. McCartney received a Bachelor of Arts from Simon Fraser University in 1978 and has been a member of the Institute of Chartered Accountants ofBritish Columbia since 1980. Since 1990, Mr. McCartney has been the President of Pemcorp Management Inc., a private company which providescorporate finance and administrative management services to private and public companies. He is a former founding partner of Davidson & Company,Chartered Accountants (1984‐1990), where he specialized in mergers & acquisitions, corporate tax planning and capital structuring. He is a currently amember of the local (policy) advisory committee to the Toronto Stock Exchange and TSX Venture Exchange. He is a present or past director of: MercerInternational Inc., Sunward Resources Corp., Newstrike Capital Inc., Exeter Resource Corp. and Dynasty Metals & Mining Inc. among others.Murray J. Oliver – DirectorMr. Oliver has a B.A. in economics and over 19 years experience as a private consultant providing corporate finance, restructuring and shareholdercommunication services to both private and public companies. Mr. Oliver has worked with the Pemcorp Group of Companies since 1995 and has served asVice President of Business Development since 2000. He is currently the director of Corporate Communications for Dynasty Metals & Mining (TSX:DMM); adirector of; Karsten Energy (TSXV: KAY) and Prospero Silver Corp (TSXV:PSL).Ken Shannon – DirectorMr. Shannon received a B.Sc. and M.Sc. in Geology at the University of B.C. and has been involved in the junior resource sector for over thirty years. He hasparticipated in the grass roots discovery of over 30 Billion pounds of copper in Argentina and Ecuador as well as managing work on feasibility and pre‐feasibility studies for various commodities in Bolivia, Ecuador and British Columbia. As CEO of Corriente Resources and other companies he has helped toraise over $200 Million of venture capital for mining exploration and development. In 2010, Corriente was sold to CRCC‐Tongguan Investment (Canada)Co., Ltd. (owned jointly by Tongling Nonferrous Metals Group Holdings Co., Ltd. and China Railway Construction Corporation Limited) for approximately$678 million.

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Contacts

[email protected]

canadian addressSuite 1012‐1030 West Georgia St. 

Vancouver B.C.V6E 2Y3

p 604 282 7897 f 604 629 0418

us addressSuite 400 ‐ 202 Travis St. 

Houston, TX77002

p 713 227 0010f 713 227 0492

20www.terraceenergy.net