TSX-V: ONV
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.
