CALGARY, April 19, 2017 /CNW/ - Oronova Energy Inc. ("Oronova" or the "Company") (TSX.V: ONV), a company focused on oil and gas exploration and production in Latin America, is pleased to announce the appointment of Ralph Gillcrist to the position of President and Chief Executive Officer. Mr. Nightingale will assume the role of Chief Operating Officer of the Company. Dr. Gillcrist will also be appointed to the Company's board of directors and Mr. Nightingale will step down from the board.
Dr. Gillcrist is an accomplished oil and gas executive with significant leadership and business experience in Latin America, and is a proven CEO and oil finder. He has more than 28 years of international oil and gas experience, and was formerly the President and CEO of Petroamerica Oil Corp., a TSX-Venture listed Colombian oil producer that was acquired by Gran Tierra Energy in January of 2016. Prior to this, Dr. Gillcrist worked in various technical, managerial, business development and operating roles throughout Europe, Africa, SE Asia and South America for a number of international oil and gas companies, including Spanish oil company CEPSA (Compania Espanola de Petroleos), British independent LASMO Plc., and US independent Union Texas Petroleum. Dr. Gillcrist holds a PhD in Geology from the Royal School of Mines, Imperial College, and a BSc in Geology from the University of Portsmouth in the UK.
Mr. Nightingale has a proven track record of managing oil and gas development operations in Latin America, Africa and the Middle East. Upon closing of the Oronova and City Peten deal, the Company will be moving swiftly into in-country operations and the installation of gas and condensate processing facilities and preparations for future drilling. Mr. Nightingale's experience in the management of technical teams operating in challenging operating environments will significantly enhance on time project execution.
Ralph Gillcrist said, "I am very excited about taking on this role, especially given the quality of asset that Oronova has secured which will serve as a solid platform from which to build and grow the Company into an important Latin American oil and gas producer".
The Oronova and City Peten transaction remains subject to normal closing conditions including approvals from the Ministry of Energy and Mines of Guatemala, closing of the debt and equity financings and TSXV approval.
Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Oronova should be considered highly speculative.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this news release.
About Oronova Energy Inc.
Oronova Energy Inc. is an international oil and gas exploration and production company currently focused on the development of the Ocultun Field in Guatemala which is expected to provide a strong platform for low-risk growth and value creation for shareholders. Oronova's strategy is to build a portfolio of early producing assets, that under a low cost operating approach, with associated exploration upside, will allow Oronova to create significant near-term and medium-term growth, whilst becoming a Central and South America low cost oil and gas producer, that operates to international EH&S and CSR standards and highest standards of corporate governance and ethical standards.
Forward Looking Statements and Legal Advisories
Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain forward-looking information, forward-looking statements and forward-looking financial outlook (collectively, "forward-looking statements") under the meaning of applicable securities laws, including Canadian Securities Administrators' National Instrument 51-102 - Continuous Disclosure Obligations. The use of the words "expects", "planned", "believes", "anticipates", "estimated", "will", "potential", "may", "continue", derivations of these words and similar expressions are intended to identify forward-looking statements. In particular, but without limiting the foregoing, forward-looking statements include statements regarding: expected cost savings and expense optimization resulting from Oronova's cost saving initiatives and future initiatives; exploration and production, drilling and testing expectations, including without limitation, the timing of operations, and expectations with respect to the results of drilling, testing and exploration activities; Oronova's planned capital program and the allocation of capital, including expected funding of the capital program from proceeds expected to be derived from fund raising activities, current production and gas/condensate price levels; Oronova's production expectations, projections and average production rates including the anticipated product mix of such production; Oronova's planned operations and the anticipated results of such operations, together with all other statements regarding expected or planned development, testing, drilling, production, expenditures or exploration, or that otherwise reflect expected future results or events.
The forward-looking statements contained in this news release reflect several material factors and expectations and assumptions of Oronova including, without limitation, the anticipated accuracy of testing and production results and seismic data, pricing and cost estimates, production decline rates, commodity price levels, the effects of drilling down-dip, the effects of any potential waterflood and multi-stage fracture stimulation operations, the general continuance of current or, where applicable, assumed operational, regulatory and industry conditions and the ability of Oronova to execute its current business and operational plans in the manner currently planned. Oronova believes the material factors, expectations and assumptions reflected in the forward-looking statements are reasonable at this time but no assurance can be given that these factors, expectations and assumptions will prove to be correct.
The forward-looking statements contained in this news release are subject to risks, uncertainties and other factors that could cause actual results or outcomes to differ materially from those contemplated by the forward-looking statements, including, among others: Oronova's operations are currently located in Central America where unexpected problems can arise due to labor disruptions, technical difficulties and operational difficulties which may impact its testing and drilling operations, and the production, transportation or sale of its products, including the costs thereof; geographic, political, regulatory and weather conditions can impact testing and drilling operations and the production, transportation or sale of its products; permits and approvals from regulatory and governmental authorities may not be received in the manner or on the time lines expected or at all; and the risk that current global economic and credit market conditions may impact oil prices and oil consumption more than Oronova currently predicts, which could cause Oronova to modify its appraisal/development, production and future exploration activities and including, drilling and/or construction activities. Although the current capital spending program of Oronova is based upon the current expectations of the management of Oronova, there may be circumstances in which, for unforeseen reasons, a reallocation of funds may be necessary as may be determined at the discretion of the Oronova senior management and Board of Directors. Should any one of a number of issues arise, Oronova may find it necessary to modify its current business strategy and/or capital spending program.
Accordingly, readers should not place undue reliance on the forward-looking statements contained herein. Further information on potential factors that could affect Oronova will be included in risks detailed from time to time in Oronova's filings. These filings will be available on a website: SEDAR at www.sedar.com. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this press release are made as of the date of this press release and Oronova disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
SOURCE Oronova Energy Inc.
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