|By Marketwired .||
|July 11, 2014 03:54 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/11/14 -- CaiTerra International Energy Corporation ("CaiTerra" or the "Company") (TSX VENTURE:CTI) announces that changes and additions have been made to its board of directors and management team as follows:
The directors of CaiTerra are very pleased to announce that Mr. Songning Shen, M.Sc., P.Geol, of Calgary, Alberta, has accepted invitations to join the board of directors and assume the position of Chief Executive Officer of the Company.
Mr. Shen brings years of successful experience in the petroleum industry having first trained in China and later in Norway. His career and early acclaim started in 1986 when working with Bohai Co., (a subsidiary of China National Offshore Oil Corp.) he was credited with the discovery of the biggest offshore China oil pool. Upon moving to Canada in 1998, Mr. Shen was employed by Petro-Canada and Nexen, before becoming an oilsands exploration manager for Connacher Oil and Gas Ltd. and oilsands consultant for Koch Exploration Canada LP. Prior to accepting the directorship and CEO position at Caiterra, Mr. Shen was co-founder, president and Co-Chairman of Sunshine Oilsands Ltd. in Calgary, Alberta.
In addition, Mr. Steve Deniels of Richmond, B.C. has also agreed to join the Company as a director and a member of the Audit Committee. Mr. Deniels, who holds a bachelor's degree in economics from Beijing University, brings over 20 years of respected financial management and investment experience in both private and publicly traded companies in China and abroad.
Further, a Board of Advisors has been formed to assist the directors and management team in developing and achieving corporate objectives. To this end, Mr. Xiang Pu has volunteered to step down as a director in order to take up the position of Chairman of the Board of Advisors. Management would like to acknowledge and thank Mr. Pu for his insight and contributions to date and looks forward to working with him and his advisory board team in the future.
Subject to regulatory approval, the Board of Directors is now comprised of: Mr. Songning Shen, CEO; Mr. Wei (David) Wu, Chairman of the Board; Mr. Yong Deng; Mr. Lu Baojiang; Mr. William Grossholz, CFO, and Craig Robson.
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.
A Note regarding Forward-Looking Information
This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "will", "expects", "believe", "plans", "potential" and similar expressions are intended to identify forward-looking statements or information. More particularly and without limitation, this press release contains forward looking statements and information concerning the plans and timing for the Company's drilling program. The Company cautions that there are no assurances or guarantees that the transaction will be completed as proposed or at all.
Although the Company believes that the expectations and assumptions on which such forward looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct.
Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risks associated with the oil and gas industry in general such as operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve and resource estimates; the uncertainty of estimates and projections relating to reserves, resources, production, costs and expenses; health, safety and environmental risks; commodity price and exchange rate fluctuations; marketing and transportation; loss of markets; environmental risks; competition; incorrect assessment of the value of acquisitions; failure to realize the anticipated benefits of acquisitions; ability to access sufficient capital from internal and external sources; changes in legislation, including but not limited to tax laws, royalties and environmental regulations, actual production from the acquired assets may be greater or less than estimates; failure to obtain the necessary regulatory approval, stock exchange and other regulatory approvals on the timelines planned. Management has included the above summary of assumptions and risks related to forward looking information provided in this press release in order to provide security holders with a more complete perspective on the Company's future operations and such information may not be appropriate for other purposes.
The forward-looking statements and information contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
CaiTerra International Energy Corporation