Vanoil Energy Ltd.: Samuel Malin Appointed as Director VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/04/13 -- Vanoil Energy Ltd. ("Vanoil" or the "Company") (TSX VENTURE:VEL), a TSX-V-listed oil and gas company with a diversified portfolio of assets in East Africa, is pleased to announce it has appointed Samuel Malin as director of the Company, with immediate effect. "Sam has built several substantial oil companies from scratch and Avana is simply the latest installment in his list of successes. Sam's knowledge of the East African oil sector is extensive and his ability to recognize and secure valuable blocks is impressive. We are determined to advance the development of our assets without delay and we are confident that Sam's contribution to the Vanoil team will prove invaluable," stated Mr. Aaron D'Este, President and CEO of Vanoil. Mr. Malin, the founder of Avana Petroleum Limited, brings to Vanoil over 25 years of industry experience, the majority of which is in the region of the western Indian Ocean and East African margin. Previously, he founded Madagascar Oil and Red Island Minerals (RIM) and is the originator of their projects which are the development of multi-billion barrel heavy oil fields and a major coal field respectively. Mr. Malin, as founder and CEO, built Madagascar Oil from scratch into a $1 1/4 billion dollar company. As RIM's Chairman, Mr. Malin launched a comprehensive appraisal of the Sakoa coal field which resulted in the sale of RIM to PTT-APM for a total of $95 million dollars. Mr. Malin's previous experience includes industry advisory positions for various EU programmes as well as positions with Standard & Poor's/DRI, Arthur D. Little and Dome Petroleum. Mr. Malin holds a BSc (Hons) in Geological Engineering from Queen's University in Canada and undertook graduate studies at the University of Cambridge in England. He is fluent in French and conversant in several other languages. Vanoil also announces that it has entered into an agreement pursuant to which the Company will issue 223,516 common shares at a deemed price of $0.60 per share to settle an outstanding debt relating to compensation payable in connection with the Company's financing that closed in December 2012. The issuance of the shares is subject to approval of the TSX Venture Exchange. About Vanoil Energy Ltd. Based in Vancouver, Canada, Vanoil is an internationally diversified energy company with a portfolio of oil and gas assets in the African countries, Kenya, the Seychelles and Rwanda. In onshore Kenya, Blocks 3A and 3B were acquired in October 2007 through the signing of a Production Sharing Contract with the Government of the Republic of Kenya. These blocks, which cover 24,912 km2, potentially contain prospective resources in excess of 0.9 boe, positioned between Tullow's recent oil discovery and Apache's offshore gas well. In offshore Kenya, the anticipated receipt of a 10% participating interest in 5,110 km2 offshore Block L9, alongside partner Dominion Petroleum Kenya Limited (a wholly owned subsidiary of Ophir Energy plc ("Ophir")), is estimated by Ophir to represent a net 270 million boe to Vanoil. In the Seychelles, Vanoil's 25% participating interest alongside partner East African Exploration Seychelles Limited (a wholly owned subsidiary of Afren plc ("Afren")) in oil and gas exploration Areas A and B, which total some 14,000 km2, has a recoverable mean unrisked prospective resource net to Vanoil estimated by Afren of 0.7 boe. Vanoil's 1,631 km2 of oil and gas exclusive licence in the East Kivu Graben in Rwanda is at the southern extension of the Albertine Graben where Heritage and Tullow Oil made their historic discovery in neighbouring Uganda. On behalf of the Board of VANOIL ENERGY LTD. Aaron D'Este, President and CEO Cautionary Statement By definition of the COGE Handbook - "Undiscovered resources are those quantities of oil and gas estimated on a given date to be contained in accumulations yet to be discovered." Further the Handbook states - Caution (per NI 51-101/5.9(2)(v)(B)) - "There is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resource." 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. Contacts: Vanoil Energy Ltd. Don Padgett 760 485-7678 Vanoil Energy Ltd. Malcolm Burke 604 220-2000 Vanoil Energy Ltd. Scott Rose 604 684-1974 x 227 604 685-5970 (FAX) firstname.lastname@example.org www.vanoil.ca
Vanoil Energy Ltd.: Samuel Malin Appointed as Director
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