Strategy Continues To Develop Oil And Gas
Assets
VANCOUVER, Feb. 15, 2018 /CNW/ - PentaNova Energy Corp. (the
"Company") (TSXV: PNO), is pleased to announce a new senior
management team to continue the company's strategy of developing
significant oil and natural gas resources in Colombia and Argentina.
The Company has appointed Dr. Ralph
Gillcrist as Chief Executive Officer & President,
Alan Aitchison as Chief Operating
Officer and Rafael Orunesu as Vice President, Business Development
and Country Manager, Argentina.
Dr. Gillcrist has also been appointed to the Board of
PentaNova Energy Corp.
Dr. Ralph Gillcrist is an
accomplished oil and gas executive with proven leadership and
business experience in Latin America. Dr. Gillcrist has over
28 years of experience in international oil and gas and has held
various executive, technical, managerial and operating roles
throughout Europe, Africa, Southeast
Asia and South America for
a number of international oil and gas companies. Dr. Gillcrist more
recently served as Chief Executive Officer of Petroamerica Oil
Corp. and is also an independent director at Madalena Energy
Inc.
Mr. Alan Aitchison has over 30
years of corporate and resident in-country international experience
throughout the world, predominantly in Latin America. Recently he served as Chief
Operating Officer and as an in-country manager in Colombia for PetroGranada. Mr. Aitchison also
spent 10 years in a variety of roles at Schlumberger, including
Vice President of Production and prior to that held numerous
technical and management roles that covered all aspects of
facilities, production operations and evaluation of production and
exploration wells.
Mr. Rafael Orunesu was Co-founder of Gran Tierra where he served
as Vice President, Latin America
and Country Manager for Peru and
Argentina. Prior to his position at Gran Tierra, he was
Engineering Manager for Pluspetrol, responsible for planning and
development operations in major oil and gas field developments in
Peru. Mr. Orunesu has also been
involved in numerous asset evaluations, purchases and divestments
covering Latin America and
North Africa.
Mr. Serafino Iacono has requested
to step down as Executive Chairman of the Company but will be
continuing on as an independent director. Mr. Jeffrey Scott has been appointed as
non-executive Chairman and has a long-established relationship with
the new management team. Mr. Scott is the Founder and was
Chairman of Gran Tierra Energy, a South American based E&P
Company from 2004 to June of 2015. Mr. Scott is Executive Chairman
of Sulvaris Inc., a private fertilizer technology company since
February 2012. Mr. Scott has been in
the oil and gas business on both the E&P and service sides of
the industry for over 34 years, with extensive management,
financing, mergers and acquisition and public company
experience.
Mr. Gregg Vernon and Mr.
Warren Levy have resigned as
President and President, Argentina Operations and the board would
like to thank them for their services. Mr. Luciano Biondi has resigned as Chief Executive
Officer of the Company, but will be remaining with the Company as a
consultant.
The Company has agreed to issue 4.8 million common shares
vesting over a three year period to the new management team as the
inducement to join the Company.
The Company further announces an aggregate grant of 8 million
options with a vesting period of three years to the management
group which will consist of the current options available for grant
and phantom options at $0.36 per
share for ten years.
PentaNova is investing in proven leadership to develop oil and
natural gas fields it has acquired in areas surrounding some of the
key energy producing areas in Colombia and Argentina. With significant experience in
Latin America and global energy
development, PentaNova's leadership is working with local partners
and service providers, including YPF, Argentina's respected energy producer, to
deliver the energy for Latin
America's future.
Forward-Looking Statements
This news release contains certain "forward-looking
statements" within the meaning of Canadian securities legislation,
including, without limitation, statements with respect to the
expected listing of the Warrants. Forward-looking statements
are statements that are not historical facts which address events,
results, outcomes or developments that the Company expects to
occur; they are generally, but not always, identified by the words
"expects", "plans", "anticipates", "believes", "intends",
"estimates", "projects", "aims", "potential", "goal", "objective",
"prospective", and similar expressions, or that events or
conditions "will", "would", "may", "can", "could" or "should"
occur. Forward-looking statements are based on the beliefs,
estimates and opinions of the Company's management on the date the
statements are made and they involve a number of risks and
uncertainties. Certain material assumptions regarding such
forward-looking statements are discussed in this news release and
the Company's annual and quarterly management's discussion and
analysis filed at www.sedar.com. Except as required by the
securities disclosure laws and regulations applicable to the
Company, the Company undertakes no obligation to update these
forward-looking statements if management's beliefs, estimates or
opinions, or other factors, should change.
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this
release.
SOURCE PentaNova Energy Corp.