Candax Energy Inc.

Candax Energy Inc.

October 22, 2013 16:30 ET

Candax Announces Changes in Management

TORONTO, ONTARIO--(Marketwired - Oct. 22, 2013) - Candax Energy Inc. ("Candax" or the "Company") (TSX:CAX), a company focused on mature oil field development in Tunisia, today announced the following changes to its management team.

Pascal Mirville will cease to hold the titles of Chief Operating Officer of Candax and General Manager of Ecumed, the 100% owned Tunisian subsidiary of Candax, effective October 31, 2013. While Mr. Mirville will officially cede his responsibilities on this date, the Company anticipates that he will continue to assist the Candax management team during a transition period that extends beyond October 31, 2013. Benoit Debray, Chairman and CEO of Candax, will assume Mr. Mirville's responsibilities until a suitable replacement has been found.

Candax also announces that it has promoted Jamil Hamza to the position of Deputy General Manager of Ecumed. Mr. Hamza was previously Ecumed's Operations Manager.

"We wish to thank Pascal for his contributions to Candax," said Benoit Debray, Chariman and CEO of Candax. "The company has recently progressed through a complex period of transition, during which Pascal's input proved instrumental. I would also like to congratulate Jamil on his new responsibilities. I look forward to working with him as we continue to optimize our Tunisian assets."


This press release includes "forward looking statements", within the meaning of applicable securities legislation, which are based on the opinions and estimates of Management and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward looking statements.

Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "budget", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar words suggesting future outcomes or statements regarding an outlook. Such risks and uncertainties include, but are not limited to, risks associated with the oil and gas industry (including operational risks in exploration development and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections in relation to production, costs and expenses; the uncertainty surrounding the ability of Candax Energy Inc. to obtain all permits, consents or authorizations required for its operations and activities; and health safety and environmental risks), the risk of commodity price and foreign exchange rate fluctuations, the ability of Candax Energy Inc. to fund the capital and operating expenses necessary to achieve the business objectives of Candax Energy Inc., the uncertainty associated with commercial negotiations and negotiating with foreign governments and risks associated with international business activities, as well as those risks described in public disclosure documents filed by Candax Energy Inc. Due to the risks, uncertainties and assumptions inherent in forward-looking statements, prospective investors in securities of Candax Energy Inc. should not place undue reliance on these forward-looking statements. Statements in relation to "reserves" are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described can be profitably produced in the future.

About Candax

Candax is an international energy company with offices in Toronto and Tunis. The Candax group is engaged in exploration and the production of oil and gas in Tunisia and holds an economic interest in an exploration permit in Madagascar.

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