|By Marketwired .||
|October 9, 2013 05:00 PM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 10/09/13 -- Renegade Petroleum Ltd. ("Renegade" or the "Company") (TSX VENTURE:RPL) announces the departure of Mr. Michael Erickson, President, Chief Executive Officer and a director of the Company, effective immediately. The Renegade board of directors (the "Board") and Renegade's management team thank Mr. Erickson for his contributions to the Company and wish him success in the future.
Mr. Andrew Greenslade P.Eng., the Vice President, Operations of the Company, has been appointed Interim Chief Executive Officer. The role previously performed by Mr. Erickson will be undertaken by a committee of executives, which includes Mr. Greenslade, Mr. Mark Lobello, Interim Chief Financial Officer, Mr. Russ Walz, Interim Vice President, Exploration and Mr. Randy Berg, Vice President, Business Development and Land. These executives will serve in this role while the Board, through the Corporate Governance, Compensation and Nominating Committee of the Board (the "Nominating Committee"), conducts a search for a new President and Chief Executive Officer. The Nominating Committee will also conduct a search in order to strengthen the Board by adding highly skilled individuals with significant oil and gas experience.
Renegade also announces that Mr. D.M. (Bud) McDonald has resigned as Chairman of the Board and that Mr. Thomas Budd has been appointed to replace Mr. McDonald as Chairman. Mr. Thomas Budd is an independent director who also serves on the Special Committee and Audit Committee of the Board.
Renegade's Special Committee is continuing its strategic review through the assistance of Macquarie Capital Markets Canada Ltd. and TD Securities Inc., joint financial advisors to the Board. While the Special Committee has considered a broad range of additional steps to enhance shareholder value, including various corporate transactions and asset sales, as previously announced, Renegade will not disclose developments with respect to the review until the Board has approved a change to the business plan, or any particular transaction, or otherwise determines that disclosure is required or appropriate. There can be no assurances or guarantees that the review will result in an acceptable transaction or any change to the current business plan.
Renegade is a light oil focused development and production company with assets located in Saskatchewan, Alberta, Manitoba and North Dakota. Renegade's common shares trade on the TSX Venture Exchange under the symbol RPL.
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.
Statements in this document may contain forward-looking statements or information within the meaning of applicable securities laws. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. In addition, forward-looking statements or information are based on a number of factors and assumptions which have been used to develop such statements and information but which may prove to be incorrect. Although the Company believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because the Company can give no assurance that such expectations will prove to be correct. The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
Renegade Petroleum Ltd.
Renegade Petroleum Ltd.