Quetzal Energy Ltd.

Quetzal Energy Ltd.

November 03, 2009 15:45 ET

Quetzal Energy Ltd. Announces New Chief Executive Officer and Director, and Grant of Options

TORONTO, ONTARIO--(Marketwire - Nov. 3, 2009) -


Quetzal Energy Ltd. (TSX VENTURE:QEI) ("Quetzal" or the "Company") is pleased to announce the appointment of Robert Szczuczko as Chief Executive Officer and Director of Quetzal, effective November 2, 2009.

Mr. Szczuczko was most recently the President and Chief Executive Officer of Delavaco Energy Corp. ("Delavaco"), which was recently acquired by Alange Energy Corp. in a transaction valued at $100 million. Delavaco was a private oil and gas exploration and development company with property interests in Colombia whose assets included interests in the Magdalena, Catatumbo and Llanos Basins. The assets included an interest in the La Punta producing Block, which is adjacent and on strike with the Llanos 27 Block in which Quetzal recently acquired an interest (see press release dated October 5, 2009 available on SEDAR at www.sedar.com).

Mr. Szczuczko is well-experienced to head Quetzal's growth in Colombia further to these recently announced acquisitions as well as to oversee the potential acquisition of new oil and gas interests by Quetzal in the future.

Mr. Szczuczko has 35 years of experience in the oil & gas industry, including other senior technical and managerial positions with Canoro Resources Ltd., PetroKazhakstan Kumkol Resources, Occidental of Libya, Shell PDC of Nigeria, Saudi Aramco, and National Petroleum Technology in Bahrain. Mr. Szczuczko is a graduate of McMaster University with a B.Sc. in Geology. The appointment of Mr. Szczuczko remains subject to the approval of the TSX Venture Exchange.

The Board of Directors also wishes to thank Mr. Steven Reynolds for his hard work and dedication to Quetzal over the many years as its Chief Executive Officer. Mr. Reynolds will remain on the Board of Directors of the Company.

In conjunction with Mr. Szczuczko's appointment, Mr. Paul Gorman has resigned his role as Director of the Company. The Board of Directors thanks Mr. Gorman for his efforts and contributions to the Company.

Quetzal is also pleased to announce that Andrew Defrancesco has been appointed special advisor to the Chief Executive Officer and Board of Directors of Quetzal. Mr. Defrancesco was recently Chairman of Delavaco Energy Ltd.

The Board of Directors has approved the granting of 6,000,000 stock options to a director, an officer and management of Quetzal. The stock options are exercisable into common shares of the Company at $0.175 per share until November 2, 2014.

Forward Looking Statements – Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Quetzal, including, but not limited to the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with oil and gas activities, currency fluctuations, dependence upon regulatory approvals, the availability of future financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

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.

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