FSC / Press Release
Petrodorado Announces Board and Management Changes
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE
Calgary, Alberta CANADA, October 21, 2013 /FSC/ - Petrodorado Energy
Ltd.("Petrodorado" or the "Company") (TSXV-PDQ) announces that, effective
immediately, Mr. Krishna Vathyam, President and CEO has resigned from the
Company. Mr. Vathyam has also relinquished his position as a Director of
Petrodorado and its subsidiaries. Mr. Gregg Vernon, a Director since inception,
will assume the position of Interim President and CEO.
Mr. Vernon resides in Colombia and has been involved in the active management of
a number of South American oil and gas companies (Petro Andina Resources
TSX:PAR, Prospero Hydrocarbons and Petromagdalena Energy TSX:PMD and currently
Bochica Oil & Gas, a private company). Mr. Vernon is well positioned to ensure
operational continuity, along with the support of Mr. Brian Smith, Vice
President of Operations and Mr. Chris Reid, Chief Financial Officer.
Petrodorado is pleased to announce the appointment of Mr. Robert Cross, an
original founder of Petrodorado, to the Board of Directors, effective
immediately. Mr. Cross has an extensive resource and investment banking
background and is currently a Director of a number of energy and mining
companies (Bankers Petroleum, BNK Petroleum, B2Gold). Following the above
changes, the Board of Directors will consist of Mr. Douglas Urch, Mr. Gregg
Vernon and Mr. Robert Cross as Chairman.
The Board of Directors will commence a thorough review of the Company and its
operations. The review may result in the rationalization of some assets and/or
acceleration of exploration activity on its key properties. Additionally, other
prospects and opportunities will be considered that would enhance Petrodorado's
asset portfolio and more effectively utilize existing cash resources.
The Board will focus its efforts on cash preservation, commence an active search
for a new President and CEO, and will consider further enhancements to the Board
of Directors going forward.
Mr. Vathyam has been with Petrodorado since inception and played a key role in
assembling the initial asset portfolio. The Board would like to thank him for
his diligent efforts and wish him well on future endeavors.
About Petrodorado Energy Ltd.
Petrodorado is primarily engaged in petroleum and natural gas exploration and
development activities in Colombia. Its head office is located in Calgary,
Alberta, Canada and Petrodorado's common shares are traded on the TSXV under the
trading symbol "PDQ".
For further information, please contact:
Gregg Vernon, Interim President and CEO
Chris Reid, VP of Finance and CFO
Forward Looking Statements
This news release includes forward-looking statements related to expected
occurrences in relation to the Company, in particular with respect to the
seeking of strategic alternatives and the possible expansion of the board of
directors. A multitude of factors can cause actual events to differ
significantly from any anticipated development and although Petrodorado believes
that the expectations represented by such forward-looking statements are
reasonable; there can be no assurance that such expectations will be realized.
These forward looking statements are based upon assumptions that Petrodorado has
made concerning the oil and gas industry in Colombia, the capital markets in
Canada and globally, the availability of suitable candidates for the board of
directors and the continuing market for oil and gas. Risk factors may include
the current volatility in the capital markets, risks associated with conducting
operations under a foreign regime, the lack of availability of suitable
candidates for the board of directors or a lack of interest of suitable
candidates in joining the board and the fluctuating price of oil and gas.
Neither Petrodorado nor any of its subsidiaries nor any of its officers,
directors or employees guarantees that the assumptions underlying such
forward-looking statements are free from errors, nor do any of the foregoing
accept any responsibility for the future accuracy of the opinions expressed in
this document or the actual occurrence of the forecasted developments.
Although the Company believes that the expectations represented by the
forward-looking statements contained herein are reasonable, undue reliance
should not be placed on the forward-looking statements because there can be no
assurance that such expectations will be realized. The forward-looking
statements contained in this document 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
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.
To view this press release as a PDF, please click on the following link:
Source: Petrodorado Energy Ltd. (TSX-V: PDQ) http://www.petrodorado.com
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-0- Oct/22/2013 13:00 GMT
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