VANCOUVER, June 3, 2019 /CNW/ - CruzSur Energy Corp.
(the "Company" or "CruzSur") (TSXV: CZR), announces
the departure of certain members of its Executive Management Team;
Dr. Ralph Gillcrist, President and
Chief Executive Officer, Mr. Alan
Aitchison, Chief Operating Officer and Mr. Rafael Orunesu,
Vice President Business Development and President Argentina. Dr.
Gillcrist will resign his Board position with immediate effect. In
conjunction with their departure, a total of 2,916,666 shares will
be issued to the departing management as a partial severance
settlement subject to TSX Venture Exchange approval. The Company
also announces the resignation of the Chairman of the Board, Mr.
Jeffrey Scott.
Mr. Serafino Iacono will be
appointed as interim Chief Executive Officer, whilst the Company
hires a new management team to implement the next phase in its
strategy to develop its oil and gas assets. The departing
management team has agreed to act in an advisory capacity for a
period of 3 months to assist with the transition. Mr. Iacono will
also be appointed as a Director and Mr. Frederico Restrepo has also been appointed a
director.
The Board would like to thank Mr. Jeffery Scott and the departing executives for
their significant contributions towards restructuring the Company
and setting the stage for the next phase of growth. We wish them
every success in their future endeavors.
About CruzSur Energy Corp.
CruzSur Energy Corp. is a publicly traded E&P company
focused on proven oil & gas plays in Latin America. The Company holds a large
diversified portfolio of producing, development and unexploited
assets in Colombia and
Argentina where it will leverage
its amplitude of technical expertise and proven track record
building companies and creating value.
Complete reports and statements are available on SEDAR at
www.sedar.com and on the Company website www.cruzsur.energy.
SOURCE CruzSur Energy Corp.