PetroMagdalena announces appointment of Director
05 March 2012 - 11:30PM
PR Newswire (Canada)
TORONTO, March 5, 2012 /CNW/ - PetroMagdalena Energy Corp. is
pleased to announce the appointment of Mr. Nelson Ortiz to the
Company's board of directors, effective immediately. Mr. Ortiz has
been in the capital markets for over 20 years and was President of
the Caracas Stock Exchange from 2000 to 2007. He was part of the
Latin American Merchant Banking Group at Bankers Trust in New York
from 1992 to 1998. Previously, he spent almost 17 years at the
Central Bank of Venezuela in various positions, including
President's chief of staff. On two occasions during his career at
the Central Bank he was called to serve as technical secretary of
the Economic Cabinet of Venezuela (1985 to 1988 and 1989 to 1990).
Mr. Ortiz was also a member of Venezuela´s external debt
restructuring team for the Brady Plan and the coordinator of
Venezuelan relations with the Multilateral Financial Institutions.
He twice chaired the Committee of the Board of Governors of the
Interamerican Development Bank. "PetroMagdalena is delighted to
welcome Mr. Ortiz to its Board. With his expertise and extensive
experience in capital markets, he will be a tremendous asset to the
Company," said the Company's Chief Executive Officer, Luciano
Biondi. Mr. Ortiz is presently the Vice-Chairman of IESA,
Venezuela´s leading business school, a member of the board of
directors of several large private corporations in Latin America,
Chairman of the Advisory Committee of the Global Competiveness and
Leadership Program at Georgetown University, a member of the Dean´s
Council of the Kennedy School of Government at Harvard University,
a member of the board of the Youth Orchestra of the Americas and a
member of the Group of Fifty, an organization composed by some of
the most important business leaders in Latin America. In addition,
Mr. Ortiz was a member of the board of El Nacional, one of the
largest daily national newspapers in Venezuela, a member of the
Advisory Board of the President of the Interamerican Development
Bank for Private Sector issues, a member of the Advisory Board of
the Latin American Chapter of the World Economic Forum and
President of the Venezuelan Professional Baseball League. He is a
graduate of the University Catolica Andres Bello in Caracas,
Venezuela where he earned his bachelors degree in Economics. Mr.
Ortiz also attended Yale University where he earned his Masters in
International Economics, and Harvard University where he completed
his Masters in Public Administration. PetroMagdalena is a
Canadian-based oil and gas exploration and production company, with
working interests in 19 properties in five basins in Colombia.
Further information can be obtained by visiting our website at
www.petromagdalena.com. All monetary amounts in U.S. dollars unless
otherwise stated. This news release contains certain
"forward-looking statements" and "forward-looking information"
under applicable Canadian securities laws concerning the business,
operations and financial performance and condition of
PetroMagdalena. Forward-looking statements and forward-looking
information include, but are not limited to, statements with
respect to estimated production and reserve life of the various oil
and gas projects of PetroMagdalena; the estimation of oil and gas
reserves; the realization of oil and gas reserve estimates; the
timing and amount of estimated future production; costs of
production; success of exploration activities; and currency
exchange rate fluctuations. Except for statements of historical
fact relating to the company, certain information contained herein
constitutes forward-looking statements. Forward-looking statements
are frequently characterized by words such as "plan," "expect,"
"project," "intend," "believe," "anticipate", "estimate" and other
similar words, or statements that certain events or conditions
"may" or "will" occur. Forward-looking statements are based on the
opinions and estimates of management at the date the statements are
made, and are based on a number of assumptions and subject to a
variety of risks and uncertainties and other factors that could
cause actual events or results to differ materially from those
projected in the forward-looking statements. Many of these
assumptions are based on factors and events that are not within the
control of PetroMagdalena and there is no assurance they will prove
to be correct. Factors that could cause actual results to vary
materially from results anticipated by such forward-looking
statements include changes in market conditions, risks relating to
international operations, fluctuating oil and gas prices and
currency exchange rates, changes in project parameters, the
possibility of project cost overruns or unanticipated costs and
expenses, labour disputes and other risks of the oil and gas
industry, failure of plant, equipment or processes to operate as
anticipated. Although PetroMagdalena has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results not to be anticipated, estimated or
intended. There can be no assurance that forward-looking statements
will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements.
PetroMagdalena undertakes no obligation to update forward-looking
statements if circumstances or management's estimates or opinions
should change except as required by applicable securities laws. The
reader is cautioned not to place undue reliance on forward-looking
statements. Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release. PetroMagdalena Energy Corp. CONTACT:
Michael DaviesChief Financial Officer(416) 360-7915Belinda
LabatteInvestor Relations Representative(647) 436-2152
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