Avatar Energy Ltd.
TSX VENTURE : AVG

May 13, 2011 17:14 ET

Avatar Energy Ltd. Enters Into Executive Employment Agreements

CALGARY, ALBERTA--(Marketwire - May 13, 2011) - Avatar Energy Ltd. ("Avatar" or the "Corporation") (TSX VENTURE:AVG) announces that it has entered into employment agreements with its three executives, Mr. Alan D. Jack (President and Chief Executive Officer), Mr. Gerald Wendland (Executive Vice President) and Ms. Lorie Hynes (Chief Financial Officer) to confirm their terms of employment. The agreements have been approved by the independent directors of the Corporation and provide for aggregate annual base compensation for the three executives of $355,000. Notwithstanding the entering into of the employment agreements, no amounts are currently being paid by the Corporation to the executives as a result of certain undertakings provided to the TSX Venture Exchange in connection with the Corporation's Qualifying Transaction in November 2010 that provide that no amounts will be disbursed in respect of certain executive salaries by the Corporation until the earlier of such time that the Corporation has completed two consecutive quarters of positive cash flow from operations or twelve months from the original listing of the Corporation's shares on the TSX Venture Exchange.

Avatar is an emerging junior oil and gas company with production in Alberta. The Corporation's area of focus is on properties in the Pembina Cardium light oil play that have long life high quality reserves with repeatable drilling upside.

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

  • Avatar Energy Ltd.
    Mr. Alan D. Jack, P. Eng
    President & Chief Executive Officer
    (403) 517-8818 x.225
    (403) 517-8815 (FAX)

    Avatar Energy Ltd.
    Ms. Lorie J. Hynes, CA
    Chief Financial Officer
    (403) 517-8818 x.226
    (403) 517-8815 (FAX)