Petro-Reef Announces Corporate Changes and Commencement of Strategic Alternative Analysis
05 October 2011 - 9:49AM
Marketwired
Petro-Reef Resources Ltd. ("Petro-Reef" or the "Company") (TSX
VENTURE:PER)
Petro-Reef announces that Mr. Theodore M. Donhuysen, President
and Chief Executive Officer has elected to retire effective October
1, 2011. The Board of Directors and staff appreciate Mr.
Donhuysen's contributions in his role of development and management
of Petro-Reef since 1992. Mr. Donhuysen will remain as a Director
and a Consultant to the Company to provide the benefit of his
experience and expertise.
Mr. N. Gary Van Nest, a Director, has been appointed as Chairman
of the Board and Acting Chief Executive Officer effective October
1, 2011.
The Company also announces the formation of a Special Committee
of the Board, comprised of Gary Van Nest (Chair), and fellow
directors Allan Rasmuson and Peter Lubey to review strategic
options available to the Company on a go forward basis, with the
view toward maximizing shareholder value. In this regard, the
Company has retained the services of Emerging Equities Inc. of
Calgary to act as financial advisor in this process.
The Company is currently updating its reserve report effective
October 1, 2011 that is expected to be completed by the end of
October. Concurrently the Company is also completing a major
integration and reinterpretation of 3D seismic (35 square miles)
over its core Alexander property.
On September 30, 2011 the Company increased its revolving
operating demand loan with its banker to $14 million from $11
million. In addition, the Company renewed its non-revolving
development demand loan for a maximum of $6 million increasing the
total credit facility to $20 million.
Petro-Reef is a Calgary based junior oil and natural gas
corporation, engaged in the exploration, development, acquisition
and production of natural gas and medium to light gravity crude oil
reserves in Alberta.
Petro-Reef's common shares trade on the TSX Venture Exchange
under the symbol PER. The Company's primary corporate objective is
to achieve non-dilutive growth and enhance shareholder value
through internal prospect development, strategic production
acquisitions and prudent financial management.
Forward-Looking Statements: All statements, other than
statements of historical fact, set forth in this news release,
including without Limitation, assumptions and statements regarding
reservoirs, resources and reserves, future production rates,
exploration and development results, financial results, and future
plans, operations and objectives of the Corporation are
forward-looking statements that involve substantial known and
unknown risks and uncertainties. Some of these risks and
uncertainties are beyond management's control, including but not
limited to, the impact of general economic conditions, industry
conditions, fluctuation of commodity prices, fluctuation of foreign
exchange rates, environmental risks, industry competition,
availability of qualified personnel and management, availability of
materials, equipment and third party services, stock market
volatility, timely and cost effective access to sufficient capital
from internal and external sources. The reader is cautioned that
assumptions used in the preparation of such information, although
considered reasonable by the Corporation at the time of
preparation, may prove to be incorrect. There can be no assurance
that such statements will prove to be accurate and actual results
and future events could differ materially from those anticipated in
such statements.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this news release.
Contacts: Petro-Reef Resources Ltd. N. Gary Van Nest Chairman
and CEO (403) 265-6444 (403) 264-1348
(FAX)garyvannest@petro-reef.ca Petro-Reef Resources Ltd. Hugh M.
Thomson Vice-President, Finance and CFO (403) 265-6444 (403)
264-1348 (FAX)hughthomson@petro-reef.ca Petro-Reef Resources Ltd.
#970-10655 Southport Rd. S.W. Calgary, Alberta T2W 4Y1 (403)
265-6444 (403) 264-1348 (FAX)www.petro-reef.ca Emerging Equities
Inc. James B. Hartwell President & CEO (403) 216-8201 or
Toll-Free: 1-888-987-8200 (403) 216-8221 (FAX)jhartwell@eei.to
Emerging Equities Inc. Suite 269, Bow Valley Square III 255 - 5
Avenue SW, Calgary, Alberta T2P 3G6
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