Candax Energy Inc.
TSX : CAX

Candax Energy Inc.

November 25, 2010 17:00 ET

Candax Announces Resignation of Actis Nominee

TORONTO, ONTARIO--(Marketwire - Nov. 25, 2010) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Candax Energy Inc. ("Candax") (TSX:CAX) announces that Murray Grant, Actis LLP's nominee to the Candax board of directors, has resigned due to significant Actis commitments. Murray Grant initially joined the Candax board in August 2006, resigned in June 2008 and rejoined the Candax board in January 2009. Actis owns 56,250,000 shares of Candax representing a 14% ownership stake.

Benoit Debray, Chairman of Candax, stated:

  "It has been a pleasure working with Murray and we thank him for his extensive contribution, support and active participation on the board of directors, especially during the strategic process that was undertaken by Candax and which resulted in the investment by Geofinance NV in Candax. The board of directors will nominate a new director in the coming weeks."

Murray Grant stated:

  "I have served two terms on the Candax board and recognize that Geofinance is both a strong shareholder and able to bring appropriate oil and gas expertise to the table. As a shareholder representative for Actis, I wish the board and management every success going forwards."

Candax Energy Inc. is an international energy company with its head office in Toronto and offices in Tunis and Madagascar. The Candax group is engaged in exploration and the production of oil and gas and power generation in Tunisia and holds an interest in an exploration permit in Madagascar.

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, 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.

Contact Information

  • Candax
    Charlotte May
    Corporate Secretary
    416 364 3353
    cmay@candax.com
    or
    CHF Investor Relations
    Jeanny So
    Account Manager
    416 868 1079 ext. 225
    jeanny@chfir.com