Anticosti Hydrocarbons L.P.

Anticosti Hydrocarbons L.P.

June 23, 2014 09:49 ET

Anticosti Hydrocarbons L.P. Appoints Mr. Kjell Pedersen as Vice-Chairman of the Board

QUEBEC CITY, QUEBEC--(Marketwired - June 23, 2014) - (TSX VENTURE:PEA)(TSX:CDH)(EPA:MAU): Anticosti Hydrocarbons L.P. is pleased to announce the appointment of Mr. Kjell Pedersen as independent director and Vice-Chairman of the board. A native of Norway, Mr. Pedersen has 35 years of experience in oil and gas exploration and production in Europe and North America. He started his career as a drilling engineer. During his career, he held various management positions at Esso and ExxonMobil in Norway, in the United States, in Germany and in the United Kingdom. Prior to his retirement in 2013, he served for 12 years as President and CEO of Petoro AS, a company owned by the Norwegian state which manages Norway's exploration and production oil and gas portfolio. In 2013, Petoro AS produced more than one million barrels of oil equivalent a day and, during the last 13 years, has contributed to a government fund that is now worth more than $900 billion. Holding a master's degree in petroleum engineering from the Norwegian Institute of Technology, Mr. Pedersen is currently serving as the Chairman of the board of Aibel, a large Norwegian oil construction company.

"Petoro AS is at the center of the Norwegian collective enrichment model, thanks to the hydrocarbons it produces. With this valuable experience, Mr. Pedersen will be able to help Anticosti Hydrocarbons L.P. so that the Province of Quebec can fully benefit from the potential exploitation of oil and gas on the Anticosti Island", stated Mr. Luc Séguin, Chairman of the Board of Anticosti Hydrocarbons L.P.

Mr. Séguin is currently Senior Vice-President, Business Development, Major Accounts at Investissement Québec. For the past 20 years, he has held key positions in Canadian and European chemical and petrochemical companies. He also serves on the board of directors of SOQUEM, Albecour, Cepsa Quimica and ParaChem Chemicals.

Also sitting on the board of directors of Anticosti Hydrocarbons L.P. are Mr. Myron Tétreault from Pétrolia Inc., Mr. Phil Knoll from Corridor Resources Inc. and Mr. Paul-André Canel from Saint-Aubin E&P (Québec) Inc.

About Anticosti Hydrocarbons L.P.

Anticosti Hydrocarbons L.P. is a partnership owned by Ressources Québec (35 %), Investissements PEA Inc. (a subsidiary of Pétrolia Inc.) (21,67%), Saint-Aubin E&P (Québec) Inc. (a subsidiary of Maurel & Prom and MPI) (21,67 %) and Corridor Resources Inc. (21,67 %). The partnership holds 38 permits for hydrocarbon exploration totaling 6195 km² on Anticosti Island. The primary objective of this partnership is to demonstrate the commercial viability of hydrocarbon resources on Anticosti Island. The board of directors of Anticosti Hydrocarbons L.P. consists of one representative from each of the partners and one independent director. The partnership has formed four committees made up of an equal number of representatives from each of the partners. The purpose of these committees is to help ensure the success of the project on the technical, economic, environmental, and social levels. The combined expertise of the organizations that comprise Anticosti Hydrocarbons L.P. will allow it to implement the exploration program, employing the highest industry standards, in full safety and with respect for the environment.

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.

Contact Information

  • Alexandre Gagnon