VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/04/11 -- Petro One Energy Corp. (TSX VENTURE: POP)(FRANKFURT: C6K) is pleased to announce the appointment of Paul Reynolds P.Geo to its board as an independent director. The Company will benefit greatly from Mr. Reynold's expertise and proven track record of success in the oil business, and his experience as an operator in particular, as it readies to commence drilling and development.
Until recently, Mr. Reynolds was Chairman of the Board of Athlone Energy Ltd., a public company he successfully transitioned from a mineral exploration company to an oil production company which operated its own oil assets. Athlone was ultimately acquired by Daylight Resources Trust, an Alberta energy trust, only five years after Mr. Reynolds led it into the oil business. The values attributed to Athlone's oil assets on its buy-out were $50,500 per flowing BOE per day and $17.90 per bbl for proven plus probable heavy oil reserves.
Mr. Reynolds is a registered member of the Association of Professional Engineers and Geoscientists of British Columbia. He received a Bachelor of Science (Geology) degree from the University of British Columbia in 1987 and has over 24 years experience in the field. He has extensive experience in public company management and is currently President, CEO and a director of Central Resources Corp. a mineral exploration company focused in the Yukon, as well as sitting as a director of several other public companies. Mr. Reynolds replaces Marvin Mitchell, who has stepped down to focus on other interests.
The Company has granted options to Mr. Reynolds to purchase up to 300,000 shares at the price of $0.40 for ten years, subject to acceptance by the TSX Venture Exchange.
ON BEHALF OF THE BOARD
Peter Bryant, President & Director
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.
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