Candax Energy Inc.
TSX : CAX

Candax Energy Inc.

January 21, 2011 08:37 ET

Candax Appoints Former Mayor of Tunis as Director

TORONTO, ONTARIO--(Marketwire - Jan. 21, 2011) -

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

Candax Energy Inc. ("Candax") (TSX:CAX) is pleased to announce that M'hamed Ali Bouleymen has been appointed to the board of directors of the Company and will hold the non-executive position of Chairman, Ecumed Petroleum. Mr. Bouleymen will fill the vacant independent director post on the board of directors and he will assume the position of Chairman of the Company's Audit Committee.

Mr. Bouleymen has had an impressive career in both the private and public sectors including two terms as Mayor of Tunis (1986 through 1988 and 1990 through 2000) during which time he was awarded the UNESCO (United Nations Educational, Scientific and Cultural Organization) award for the best managed Arab city. During this period he also held the positions of Secretary General of the International Association of Francophone cities (an organization that was founded and chaired by former French President Jacques Chirac), Vice President of the Organization of Arab Cities and Vice President of the World Federation of United Cities. Most recently, Mr. Bouleymen was Advisor to the Secretary General of O.I.F. (Organisation Internationale de la Francophonie), an international organization which comprises 70 member states. Prior to joining O.I.F., he was the former Chairman and CEO of SITEP (Société Italo-Tunisienne d'Exploitation Pétrolière), a joint venture company between E.N.I. (Italian State Oil Company) and the Tunisian State. Other former positions include Chairman and CEO for National Fertilizers Company and CFO for Tunisian Chemical Group. Mr. Bouleymen is a graduate of Ecole des Hautes Etudes Commerciales in Paris and he is a Commandeur de l'Ordre de La Legion d'Honneur in France.

Benoit Debray commented: "We are delighted that Mr. Bouleymen is joining the Candax board. We have been looking for a strong board member to complement the existing board and Mr. Bouleymen's oil and gas operating experience and his intimate knowledge of Tunisia will be a strong asset for Candax."

In other news, Candax's office in Tunis re-opened on Tuesday, January 18th on reduced hours and the Company is pleased to report that the Debt Restructuring Plan that was disclosed in press releases of December 14 and December 24, 2010 is scheduled to close by month-end. 

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, but are not limited to, risks associated with the oil and gas industry (including operational risks in exploration development and production at El Bibane; delays or changes in plans with respect to exploration or development projects or capital expenditures; the risk that the transactions with Geofinance under the Debt Restructuring Plan may not complete; the ability of Candax to continue to service its debt; 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 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 to fund the capital and operating expenses necessary to achieve the business objectives of Candax, 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. 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.

Contact Information

  • Candax Energy Inc.
    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