FSC / Press Release Cascade Appoints Director and Acquires Interest in Namibian Energy Explorer Vancouver, British Columbia CANADA, February 23, 2012 /FSC/ - Cascade Resources Ltd. (CC - TSX Venture), ("Cascade") is pleased to announce it has appointed Mr. Tom Davitt (P.Geo. EurGeol.) to the Board. Mr. Davitt has many years of experience in the mineral exploration and petroleum industries; he holds a B.Sc. Hons, Geology & Geophysics from the University College Dublin, Ireland. He has held senior operational and technical positions with World Geoscience Corporation (now Fugro) in the UK (Oil & Gas), Brazil (Technical) and led airborne crews in Australia, South America and Europe. He was the co-founder of Paterson, Grant & Watson Europe and still retains the position of Senior Geoscientist and Managing Director. His extensive technical capabilities are complemented by his ability to design, negotiate and manage exploration programs in a diverse range of jurisdictions in both the oil & gas and mineral sectors. He has experience as an advisor to and a Board member of several publically-listed companies and has provided technical and interpretation services to a large number of major oil companies. He replaces Mr. David DuPre on the Board. Mr. DuPre has resigned to pursue private interests and the company wishes him well and thanks him for his services. ACQUISITION OF INTEREST IN NAMIBIAN ENERGY EXPLORER In pursuit of its desire to gain additional exposure to the energy sector, Cascade has acquired a 15% interest in Mibia Energy Proprietary Limited, a Namibian company that is pursuing and evaluating offshore energy projects and licensing opportunities in Namibia. Namibia is a promising deepwater petroleum frontier with the country's sedimentary basins being linked to Brazil's offshore Santos basin, where a series of prolific pre-salt discoveries has transformed that region over the past few years. Brazilian oil companies, Petrobras and HRT Participacoes em Petroleo SA are both actively exploring offshore Namibia. HRT acquired Canadian-listed Namibian offshore explorer, UNX Energy, for C$730,000,000 in 2011. BP have recently entered the region and partnered with UK-listed Chariot Oil & Gas to fund exploration offshore Namibia. On January 30, 2012 Bloomberg quoted Evan Calio, a New York-based analyst for Morgan Stanley, as stating "It's probably the hottest basin in the world right now", and Mr. Bob Dudley, BP's CEO as saying "Many of the same ingredients for the hydrocarbon systems you see in Africa, on the west coast, are found in Brazil". Mr. Russell-Jones, Cascade's President commented that, "the appointment of Tom Davitt to the Board is a very positive development. His extensive experience in the mineral and energy sectors will greatly assist in the advancement of Cascade's plans. Tom has been assisting the Namibian exploration company in the development of this opportunity and cementing in-country partnerships, so having him on the Board makes Cascade's interest even more meaningful." He continued, "We followed carefully the rapid development of UNX Energy as it progressed from being a junior offshore Namibia O&G explorer until it was acquired in April 2011 for C$730 million, and fortuitously Cascade has been presented with an opportunity that we anticipate will quickly lead to participation in this very exciting emerging play." On behalf of the Board of Directors "Peter Russell-Jones" President For further information please contact: Garry Stock Telephone: (604) 683-8236 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. To view this release as a webpage, please click on the following link: http://www.usetdas.com/pr/cascade02232012.htm Cascade Resources Ltd. Suite 1680 200 Burrard Street Vancouver, BC Canada V6C 3L6 Source: Cascade Resources Ltd. (TSXV CC) Maximum News Dissemination by FSCwire. http://www.fscwire.com Provider ID: 00019157 -0- Feb/23/2012 15:40 GMT
Cascade Appoints Director and Acquires Interest in Namibian Ene
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