Petrodorado Announces Board and Management Changes
Calgary, Alberta (FSCwire) - The Board of Directors of Petrodorado Energy Ltd. (“Petrodorado” or the “Company”) (TSXV-PDQ) has accepted the resignation of Mr. Gregg Vernon as Interim President and CEO as well a Director of the Company, effective immediately. The Board of Directors warmly thanks Mr. Vernon for his significant contribution over the last several years in his role as a Director and, more recently, as a member of the Company’s management team.
By letter dated February 6, 2015, Mr. Vernon advised the Board of Directors that he wishes to pursue other personal endeavors, which will conflict with Mr. Vernon’s ability to fulfill his current responsibilities at Petrodorado.
The Board of Directors is pleased to announce that Mr. Chris Reid has been appointed as Interim President and CEO and that Mr. Peter Yates has been appointed as a Director of the Company, effective immediately. Mr. Reid is currently serving as the Vice President of Finance and CFO. Mr. Reid will carry out the responsibilities of his new role in the Company with the support of Mr. Brian Smith, Vice President of Operations, who has extensive experience in the Colombian oil and gas space. Mr. Yates is a partner at Dentons Canada LLP, counsel for the Company, and has been corporate secretary of the Company since 2011.
Mr. Robert Cross, Chairman of the Board, commented “Under the current market conditions affecting the oil and gas industry, the Board of Directors considers it necessary to perform a cautious re-assessment of the Company’s strategy going forward. While we believe our current portfolio of Colombian assets has the potential to significantly increase Company value for our shareholders, we do not think it would be wise to take any actions that may be viewed as rushed or imprudent in the current pricing environment. We will inform the market in the near term of our strategy for the future of Petrodorado once the Board and management have completed a thorough evaluation.”
About Petrodorado Energy Ltd.
Petrodorado is primarily engaged in petroleum and natural gas exploration and development activities in Colombia. Its head office is located in Calgary, Alberta, Canada and Petrodorado’s common shares are traded on the TSXV under the trading symbol “PDQ”.
For further information, please contact:
Chris Reid, Interim President and CEO
Phone: (403) 800-9240
Email: info@petrodorado.com
Website: www.petrodorado.com
Neither the 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.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/petroderado02062015.pdf
Source: Petrodorado Energy Ltd. (TSX Venture:PDQ) http://www.petrodorado.com/
Maximum News Dissemination by FSCwire. http://www.fscwire.com
Copyright © 2015 Filing Services Canada Inc.
