|By Marketwired .||
|June 12, 2014 06:44 PM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 06/12/14 -- Westcore Energy Ltd. ("Westcore" or the "Company") (TSX VENTURE: WTR) is pleased to announce it has exercised its right of first refusal to participate in additional wells drilled by Allstar Energy Limited ("Allstar") on the Riverside Lands located 16 km north of the Town of Leader in Western Saskatchewan. The right of first refusal was granted by Allstar to Westcore in the farm-in agreement dated July 24, 2012. Please see Westcore's press release dated July 25, 2012 for more information respecting the farm-in agreement.
Pursuant to the exercise of the right of first refusal Westcore will earn an approximately 15% working interest in a well to be drilled on the Riverside Lands in consideration of funding $300,000 of the program costs. Westcore may fund a greater amount of program costs and in return would earn a larger working interest. Westcore continues to have an ongoing right of first refusal to participate in future wells drilled on the Riverside Lands, if any.
New Directors and Officers
The Company announces the resignation of Shane Shircliff and Derek Batorowski as directors and officers of Westcore. Both Mr. Shircliff and Mr. Batorowski are leaving the Company to pursue other endeavors. The remaining board members and management of Westcore sincerely thank Mr. Shircliff and Mr. Batorowski for their contributions during their time with the Company. We wish them well in their future endeavours.
The board of directors of the Company has appointed Mr. Andrew Davidson and Mr. Tom MacNeill as directors of Westcore in order to fill the vacancies created by the resignation of Shane Shircliff and Derek Batorowski. Additionally Mr. Davidson will also be appointed as the Vice-President and Chief Operating Officer of Westcore and Mr. Jeff Sheppard will be appointed as the Chief Financial Officer.
Mr. Andrew Davidson is the Chief Financial Officer of 49 North Resources Inc., a Canadian resource investment company headquartered in Saskatoon. A graduate of the University of Calgary (BComm) and also a Chartered Accountant, Mr. Davidson has significant experience in junior resource company finance and corporate structure. Mr. Davidson currently sits as an officer or director of several other listed entities.
Mr. Tom MacNeill is the President and Chief Executive Officer of 49 North Resources Inc. With over 25 years experience in resource investment, Mr. MacNeill is also an officer and director of several other resource entities. He holds a bachelor degree in economics, and is a Chartered Financial Analyst and Certified General Accountant.
Mr. Jeff Sheppard is the Corporate Controller of 49 North Resources Inc. A graduate of the University of Saskatchewan (BComm), Mr. Sheppard is also a Chartered Accountant. Mr. Sheppard has significant experience in junior resource company finance and corporate structure. Mr. Sheppard is also the Chief Financial Officer of Greywacke Exploration Ltd.
The existing board members welcome the addition of Mr. Andrew Davidson, Mr. Tom MacNeill and Mr. Jeff Sheppard.
Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, but is not limited to, the use of the net proceeds of the offering. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada, the United States and globally; industry conditions, governmental regulation, including environmental regulation; unanticipated operating events or performance; failure to obtain third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; competition for, among other things, capital, skilled personnel and supplies; changes in tax laws; and the other risk factors disclosed under our profile on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
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.
Westcore Energy Ltd.
President and Chief Executive Officer