CaiTerra International Energy Corp. Announces Board of Directors and Management
Changes and Additions
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/11/14 --
CaiTerra International Energy Corporation ("CaiTerra" or the
"Company") (TSX VENTURE: CTI) announces that changes and additions
have been made to its board of directors and management team as
The directors of CaiTerra are very pleased to announce that Mr.
Songning Shen, M.Sc., P.Geol, of Calgary, Alberta, has accepted
invitations to join the board of directors and assume the position of
Chief Executive Officer of the Company.
Mr. Shen brings years of successful experience in the petroleum
industry having first trained in China and later in Norway. His
career and early acclaim started in 1986 when working with Bohai Co.,
(a subsidiary of China National Offshore Oil Corp.) he was credited
with the discovery of the biggest offshore China oil pool. Upon
moving to Canada in 1998, Mr. Shen was employed by Petro-Canada and
Nexen, before becoming an oilsands exploration manager for Connacher
Oil and Gas Ltd. and oilsands consultant for Koch Exploration Canada
LP. Prior to accepting the directorship and CEO position at Caiterra,
Mr. Shen was co-founder, president and Co-Chairman of Sunshine
Oilsands Ltd. in Calgary, Alberta.
In addition, Mr. Steve Deniels of Richmond, B.C. has also agreed to
join the Company as a director and a member of the Audit Committee.
Mr. Deniels, who holds a bachelor's degree in economics from Beijing
University, brings over 20 years of respected financial management
and investment experience in both private and publicly traded
companies in China and abroad.
Further, a Board of Advisors has been formed to assist the directors
and management team in developing and achieving corporate objectives.
To this end, Mr. Xiang Pu has volunteered to step down as a director
in order to take up the position of Chairman of the Board of
Advisors. Management would like to acknowledge and thank Mr. Pu for
his insight and contributions to date and looks forward to working
with him and his advisory board team in the future.
Subject to regulatory approval, the Board of Directors is now
comprised of: Mr. Songning Shen, CEO; Mr. Wei (David) Wu, Chairman of
the Board; Mr. Yong Deng; Mr. Lu Baojiang; Mr. William Grossholz,
CFO, and Craig Robson.
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.
A Note regarding Forward-Looking Information
This press release contains forward-looking statements and
forward-looking information within the meaning of applicable
securities laws. The use of any of the words "will", "expects",
"believe", "plans", "potential" and similar expressions are intended
to identify forward-looking statements or information. More
particularly and without limitation, this press release contains
forward looking statements and information concerning the plans and
timing for the Company's drilling program. The Company cautions that
there are no assurances or guarantees that the transaction will be
completed as proposed or at all.
Although the Company believes that the expectations and assumptions
on which such forward looking statements and information are based
are reasonable, undue reliance should not be placed on the
forward-looking statements and information because the Company can
give no assurance that they will prove to be correct.
Since forward-looking statements and information address future
events and conditions, by their very nature they involve inherent
risks and uncertainties. Actual results could differ materially from
those currently anticipated due to a number of factors and risks.
These include, but are not limited to, the risks associated with the
oil and gas industry in general such as operational risks in
development, exploration and production; delays or changes in plans
with respect to exploration or development projects or capital
expenditures; the uncertainty of reserve and resource estimates; the
uncertainty of estimates and projections relating to reserves,
resources, production, costs and expenses; health, safety and
environmental risks; commodity price and exchange rate fluctuations;
marketing and transportation; loss of markets; environmental risks;
competition; incorrect assessment of the value of acquisitions;
failure to realize the anticipated benefits of acquisitions; ability
to access sufficient capital from internal and external sources;
changes in legislation, including but not limited to tax laws,
royalties and environmental regulations, actual production from the
acquired assets may be greater or less than estimates; failure to
obtain the necessary regulatory approval, stock exchange and other
regulatory approvals on the timelines planned. Management has
included the above summary of assumptions and risks related to
forward looking information provided in this press release in order
to provide security holders with a more complete perspective on the
Company's future operations and such information may not be
appropriate for other purposes.
The forward-looking statements and information contained in this
press release 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 securities laws.
CaiTerra International Energy Corporation
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