Canoel International Energy Ltd.

Canoel International Energy Ltd.

November 12, 2009 13:18 ET

Canoel Announces Appointment of a New Director as New Chairman to Its Board of Directors

CALGARY, ALBERTA--(Marketwire - Nov. 12, 2009) - 

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Canoel International Energy Ltd. ("Canoel" or the "Company") (TSX VENTURE:CIL) is pleased to announce that the Company has elected as new member to its Board of Directors, Mr Adolfo Vannucci; and has appointed him as its new Chairman.

Adolfo Vannucci is a distinguished figure in the oil industry. His career in the oil industry, lasting 40 years, started with a post at EXXON subsidiary in Italy. He subsequently worked in other executive positions in the oil industry. In 1992 he created, together with some partners, I.E.S. Italiana S.p.A., to purchase various oil assets, primarily a refinery based in Mantua (Italy). Under his stewardship, this company developed supply relations with major producing countries, purchasing large quantities of crude oil; and developed a network of gas stations all over Italy.

The company was sold in late 2007 to MOL, the largest company in Hungary. Mr Vannucci is also very active in charitable organisations in Italy, Asia and Mexico. Andrea Cattaneo, the Company's CEO and President, stated: "The Board looks forward to this additional wealth of credibility, contacts and experience in the oil sector; we are particularly honoured to have Adolfo Vannucci as Chairman with his long experience in the oil industry and relationships with many key players, majors and producing countries.

Neither 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

  • Canoel International Energy Ltd.
    Andrea Cattaneo
    President and CEO
    (403) 262-9596
    Canoel International Energy Ltd.
    Jose Ramon Lopez-Portillo
    Deputy Chairman
    (403) 262-9596