Nexxco Energy Ltd. Announces Appointment of Chairman of the Board, Board
Members and Management Team, Closing of Equity Financing and
Second Closing Date
CALGARY, ALBERTA -- (Marketwired) -- 07/17/13 -- Nexxco Energy Ltd.
Mr. Thomas J. Greschner, President & CEO of a newly formed private
junior oil and gas company, Nexxco Energy Ltd. ("Nexxco" or the
"Company"), is pleased to announce the appointment of Mr. John
Swendsen as Chairman of the Board, effective immediately. Mr.
Swendsen is currently Vice Chairman, Corporate and Investment Banking
with National Bank of Canada in Calgary. Mr. Swendsen's current role
with National Bank involves providing guidance to the bank's Energy
Team while assuming increased strategic and governance duties. John's
banking career began with National Bank in 1983 in Calgary and has
taken him to Ontario and back including positions in corporate
banking and syndicated loans, but his principal achievement has been
building the Energy lending team of the National Bank into the
industry leader in banking the junior oil and gas market.
Mr. Swendsen completed a business undergraduate degree at Brigham
Young University in Provo, Utah, followed by an MBA at the University
of Alberta. John recently graduated from the Directors Education
Program jointly offered by the Rotman School of Management and the
Haskayne School of Business as part of the requirements towards the
ICD.D designation granted by the Institute of Corporate Directors.
"John brings a unique blend of banking experience in the junior oil
and gas business, strategic thinking at a very high level, as well as
very strong relationships with other junior oil and gas executive
teams in Calgary. The entire Board of Directors and Officers of
Nexxco are looking forward to the leadership, business planning and
commitment that John will bring to the Company while leading Nexxco
to become a top tier private junior oil and gas company", said
Mr. William Guinan, Partner, Borden Ladner Gervais LLP; Mr. Rob
Zakresky, President & CEO, Crocotta Energy Inc.; Mr. J. Kevin Hall,
Executive VP & COO, Nexxco; and Mr. Thomas J. Greschner, President &
CEO, are also directors of Nexxco.
The Officers of Nexxco are Mr. Thomas J. Greschner, President & CEO;
Mr. J. Kevin Hall, Executive VP & COO; Ms. Tanis James, VP Finance &
CFO; Ms. Nancy Fontana, VP Corporate Services; Mr. Paul Laubitz, VP
Exploration; and Mr. Trever Schmitt, VP Engineering. Wade Evans, Land
Manager, rounds out the current team at Nexxco.
Nexxco is a private junior oil and gas company with a proven and
experienced management team and Board of Directors with a successful
track record of growing start-up oil and gas companies and creating
value for shareholders. The Company will be focusing on light/medium
conventional oil plays in southern Saskatchewan and southwest
Private Equity Financing - First Tranche
On July 16, 2013, the Company completed the first tranche of a
non-brokered equity financing. The Company raised $5,950,000 through
the issuance of 6,875,000 common shares, including private placements
of 3,700,000 common shares issued to the Founders of Nexxco.
Private Equity Financing - Second Tranche
The Company expects to close the second tranche of the non-brokered
equity financing on or about August 8, 2013.
About Nexxco Energy Ltd.
Nexxco is currently evaluating opportunities to be engaged in the
exploration for and development and production of oil and natural gas
reserves in Western Canada. The Company is targeting operations in
southern Saskatchewan and southwest Manitoba. Nexxco is headquartered
in Calgary, Alberta.
This news release contains forward-looking statements. The use of any
of the words "expect", "anticipate", "continue", "estimate",
"objective", "ongoing", "may", "will", "project", "should",
"believe", "plans", "intends" and similar expressions are intended to
identify forward-looking statements. More particularly and without
limitation, this news release contains forward-looking statements
concerning: the second closing of a non-brokered private placement
equity financing and the timing thereof.
By their nature, forward-looking statements are subject to numerous
risks and uncertainties, some of which are beyond Nexxco's control,
including: the impact of general economic conditions; industry
conditions; volatility of commodity prices; risks associated with oil
and gas exploration, development, exploitation, production, marketing
and transportation; loss of markets; delays resulting from or the
inability to obtain required regulatory approvals; inability to
retain and delays in retaining drilling rigs and other services;
currency fluctuations; imprecision of reserve estimates;
environmental risks; competition from other industry participants;
the lack of availability of qualified personnel or management;
incorrect assessment of the value of acquisitions; failure to realize
the anticipated benefits of acquisitions; and the ability to access
sufficient capital from internal and external sources. The foregoing
list is not exhaustive. The actual results, performance or
achievements of Nexxco could differ materially from those expressed
in, or implied by, these forward-looking statements and, accordingly,
no assurance can be given that any of the events anticipated by the
forward-looking statements will transpire or occur, or if any of them
do so, what benefits Nexxco will derive therefrom.
The forward-looking statements contained in this news release are
made as of the date hereof and Nexxco disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by applicable securities laws.
Nexxco Energy Ltd.
Centennial Place - West Tower
Suite 910, 250 - 5th Street SW
Calgary, Alberta T2P 0R4
403-930-3914 (General) (FAX)
Nexxco Energy Ltd.
Thomas J. Greschner
President & CEO
Nexxco Energy Ltd.
J. Kevin Hall
Executive VP & COO
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