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
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
For further information please contact:
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:
Cascade Resources Ltd.
200 Burrard Street
Canada V6C 3L6
Source: Cascade Resources Ltd. (TSXV CC)
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-0- Feb/23/2012 15:40 GMT
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