Vanoil Energy Ltd.: Brynelsen and Mackey Resign
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/21/11 -- Vanoil Energy Ltd. (TSX VENTURE: VEL) ("Vanoil" or the "Company") announces that Messrs. Dal Brynelsen and Michael Mackey have tendered their resignations as directors and officers of the Company to focus their efforts on Vangold Resources Ltd. (TSX VENTURE: VAN), the resource company from which Vanoil was spun out.
Mr. James Passin, manager of the Firebird Global Master Fund, Ltd. and Firebird Global Master Fund II, Ltd., the Company's largest shareholders, will be assuming the position of Chairman and the office of President and Chief Executive Officer. The Company's Board currently consists of Messrs. Passin, Don Padgett and Francis Karanja.
"On behalf of the board of directors and management, I would like to thank Dal and Mike for their commitment to the development of the Company since its creation in September 2009 and to their willingness to contribute to a positive and constructive transition," said James Passin. "We also wish to thank them both for their years of service, and wish them the very best in their future endeavours."
"The poor stock performance of the Company has been frustrating," commented Mr. Passin, "Our management team is going to spend some time addressing this issue, the board has already been instructed to conduct an immediate and thorough review of all options available with the goal to increase value for our shareholders."
About Vanoil Energy Ltd.
Based in Vancouver, Canada and Nairobi, Kenya, Vanoil is an internationally diversified resource company that has a comprehensive portfolio of 100% owned oil and gas assets in the African countries of Kenya and Rwanda. Blocks 3A and 3B in Kenya, which cover 24,912 square kilometres, are part of the vastly under-explored Cretaceous Central African Rift Basin System, an area that may hold the next major sub-Saharan discoveries. Vanoil's 1,631 square kilometres of oil and gas exclusive licence in the East Kivu Graben in Rwanda is at the southern extension of the Albertine Graben where Heritage and Tullow Oil made their historic discovery in neighbouring Uganda.
To find out more about Vanoil and the Company's exploration potential, please visit our website at or by email .
On Behalf of the Board of VANOIL ENERGY LTD.
James Passin, President and CEO
Disclaimer for Forward-Looking Information
Statements containing forward-looking information express, as at the date of this news release, the Company's plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company.
Forward-looking statements and information are based on assumptions that financing and personnel will be available when required and on reasonable terms, and all necessary regulatory approvals and shareholder approval will be obtained, none of which are assured and are subject to a number of other risks and uncertainties.
There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information
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 release.
Contacts:
Vanoil Energy Ltd.
James Passin
President and CEO
604-684-1974
604-685-5970 (FAX)
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Datum: 21.12.2011 - 14:00 Uhr
Sprache: Deutsch
News-ID 99139
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Town:
VANCOUVER, BRITISH COLUMBIA
Kategorie:
Oil & Gas
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