Azabache Energy Inc.

Azabache Energy Inc.

October 22, 2014 17:45 ET

Azabache Announces Appointment of A New Geological Advisor

CALGARY, ALBERTA--(Marketwired - Oct. 22, 2014) -


Azabache Energy Inc. (TSX VENTURE:AZA) ("Azabache" or the "Company") announces the appointment of Mr. Bill Hogenson as a senior G&G advisor to the president. Mr. Hogenson has over 31 years' experience in the oil and gas industry. He was recently VP Geosciences at Zone Energy, an independent oil and gas company focused on the acquisition, exploitation, and development of oil and gas properties in the US. Before that, he was VP of Exploration for Santos USA. Over his career at Santos, Bill rebuilt the company's exploration capabilities in the United States and developed a North American exploration strategy aligned with Santos Ltd.'s global portfolio initiatives.

Hogenson's other accomplishments at Santos USA Corp. include reviewing assets held by the Company and divesting all low-margin properties in two separate transactions as well as formulating a business unit strategy inclusive of short-term and long-term strategic components. He also completed the acquisition of Esenjay Exploration to provide the Company with an early foothold in US onshore exploration. His previous experience also includes working for Exxon and Amoco in the North Sea, the West Coast of Africa and South America. He was also a team member of Maxus Energy's international new ventures efforts which lead to his appointment to Exploration and Development Manager in Ecuador. Bill holds a Bachelor of Science in Geology from Lamar University in Beaumont, Texas. He has also co-authored technical papers dealing with international exploration on a variety of topics.

Claudio Larotonda, CEO of the Company commented as follows:

"I'm thrilled to have Bill onboard as a member of our Advisory Team; he will add significant creative value to our next challenge, this is the assessment and commercialization of our Vaca Muerta acreage in Argentina.

"The recent third party evaluation of our Vaca Muerta assets following our drilling results demonstrate extensive "oil in place" that provide us clear incentive to continue our growth. Of course, the Company needs to carry out further studies and operations in the field, including drilling more wells, to establish commerciality before reserves can be attributed to these blocks. Mr. Hogenson's years of experience and knowledge recovering oil using unconventional methods will assist us in determining the extent of our oil reservoir and if it is economically recoverable.

"I would like to thank our stakeholders for their support during this exciting time. We look forward to working with the governments of Argentina and industry alliances to progress towards the commercial phase of our assets."

This press release contains forward-looking statements. Such statements and information relate to future events or the Company's future business prospects or opportunities. More particularly, this press release contains statements concerning estimates of resources and possible future capital expenditures that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.

All statements other than statements of historical fact may be forward-looking statements. Statements concerning resource estimates may also be deemed to constitute forward-looking statements and reflect conclusions that are based on certain assumptions with respect to whether the resources can be economically exploited. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect, "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward-looking statements". Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Company believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws. These forward-looking statements involve risks and uncertainties relating to, among other things, changes in oil prices, results of exploration and development activities, uninsured risks, regulatory changes, defects in title, availability of materials and equipment, timeliness of government or other regulatory approvals, actual performance of facilities, availability of financing on reasonable terms, availability of third party service providers, equipment and processes relative to specifications and expectations and unanticipated environmental impacts on operations. Actual results may differ materially from those expressed or implied by such forward-looking statements.

There is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources.

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.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

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