Gibbs has been the company's president since June 2011 and has over 35 years of previous experience in both technical and executive leadership roles in the upstream oil and gas industry with a successful track record of creating and growing exploration and production companies. He has extensive knowledge of reservoir engineering and project evaluation as well as operations and project management skills on large-scale domestic and international oil & gas operations.
Eric Boehnke, the company's former CEO, has been appointed executive vice chairman of the company also effective immediately.
"These executive changes are part of the company's transitioning from an entrepreneurial start-up to a management-led oil and gas operations company. Dave has demonstrated his ability to lead the company into the future and the board of directors are pleased he has accepted the challenge," Boehnke said in the release.
George Morris has agreed to join Terrace as chief operating officer of the company. His appointment will become effective Oct/ 21. Morris has a career spanning over 35 years of hands-on experience in reservoir, drilling and production engineering activities as well as directing acquisition and exploitation efforts for both large and small E&P companies. He was most recently the chief operating officer of ATP Oil & Gas and chief operating officer of Chroma Exploration & Production. Prior to these appointments, he held executive and management positions with TDC Energy, Burlington Resources, Louisiana Land and Exploration, Nerco Oil & Gas, and Union Texas Petroleum. He has concentrated experience in the Gulf of Mexico, Texas and Louisiana Gulf Coast, East Texas and West Texas.
"The company is entering a very exciting growth period. The board of directors welcomes the timely addition of George to our Houston office to assist Dave and the rest of our team with the smooth execution of our strategic plan," Dan Carriere, Terrace Energy chairman, said in the release.
Subject to the approval of the TSX Venture Exchange, the company will grant an aggregate of 950,000 restricted share units to certain Houston based officers and employees of the company, including Gibbs and Morris. The restricted share units are intended to incentivize and align the interests of the restricted share unit recipients with the interests of the shareholders.
Each restricted share unit will represent the right to receive one common share of the company upon vesting. Unless otherwise approved by the board, all of the restricted share units will vest upon the occurrence of a change of control transaction.
In the absence of a change of control transaction or other acceleration of the vesting date by the board, any unvested restricted share units will expire five years from the date of grant.
Terrace Energy Corp. acquires, explores, and develops unconventional onshore oil and gas properties in the U.S. The company is headquartered in Vancouver, B.C., with offices in Houston.