Esrey Announces Resignation of CFO
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jul 24, 2015) - Esrey Energy Ltd. ("Esrey" or the "Company") (TSX VENTURE:EEL) announces Shayne Dyrdal has tendered her resignation as Chief Financial Officer ("CFO") of the Company to the Board of Directors (the "Board") in order to pursue other professional opportunities. The search for her successor has begun and David Nelson, President and CEO, will assume the interim CFO role effective immediately.
"The Company thanks Shayne for her contribution and wishes her success in her next endeavor," commented David Nelson, President and CEO. "She has been an integral part of our refocusing efforts which have led to the concentration on our PNG assets."
About Esrey
Esrey is a Canadian exploration and development company focused on developing oil and gas properties in Papua New Guinea and Bulgaria. In Papua New Guinea, Esrey holds a 16.85% net interest in PPL 486, covering approximately 530,000 acres, an 84.25% interest in PPL 321 in northern Papua New Guinea, covering approximately 1.8 million gross acres, and a 20% net interest in PRL 13, covering approximately 40,000 gross acres. Subject to fulfillment of work commitments under a Farm-in Agreement, Heritage acquired an aggregate 80% interest in PPL 486 and PRL 13. Esrey has entered into a farm-in agreement relating to 405,080 acres of prospective argillite formation in Bulgaria with Direct Petroleum Bulgaria EOOD, a subsidiary of TransAtlantic Petroleum Ltd. Esrey shares trade on the TSX Venture Exchange under the symbol "EEL".
ESREY ENERGY LTD.
David Nelson, President & CEO
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.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans and estimates of management at the date the information is provided and certain factors and assumptions of management. Forward looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risks related to unsatisfactory results of due diligence, international operations and doing business in foreign jurisdictions, risks associated with the oil and gas industry and exploratory and development activities generally (e.g., operational risks in development, exploration and production, delays or changes in plans with respect to exploration or development projects or capital expenditures, risks associated with equipment procurement and equipment failure), the risk of commodity price and foreign exchange rate fluctuations, risks related to future royalty rate changes, and risks and uncertainties associated with securing and maintaining necessary regulatory approvals, and counterparty risk related to the stability and viability of the Company's joint venture participants.
Shares Outstanding: 39,762,771
