Terrace Energy Corp., formerly Terrace Resources Inc., is an oil and gas company. The Company is engaged in the business of acquiring, exploring and developing onshore oil and gas properties in the United States. The Company's projects include Maverick County Project and Olmos Tight Sandstone Development Project. The Company's Maverick County Project has oil and gas leases covering approximately 147,000 gross mineral acres in Maverick County Texas, the United States of America. The Company has approximately three Eagle Ford Shale producers and over five additional evaluation wells drilled. The Company's Olmos Tight Sandstone Development Project covers approximately 14,400 gross mineral Acres, which is over 3,875 net mineral acres in LaSalle and McMullen Counties, Texas. The Company's Olmos Tight Sandstone Development Project has approximately 20 wells on production from the Olmos Sandstone, over three wells drilling or awaiting completion and approximately 100 identified locations.