Canoel International Energy Ltd.
TSX VENTURE : CIL

Canoel International Energy Ltd.

March 23, 2011 09:25 ET

Canoel Announces Board Changes

CALGARY, ALBERTA--(Marketwire - March 23, 2011) -

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Canoel International Energy Ltd. ("Canoel" or the "Company") (TSX VENTURE:CIL) is pleased to announce that Mr Erik Larre has joined its Board of Directors.

Erik Larre, Norwegian citizen, is a relevant figure in the Norwegian business society.

He specializes in real estate, banking and finance, with a past experience in oil & gas.

He has a wide geographical experience in many countries in East Europe, Southern Europe and Middle East, thanks as well to its fluency in six languages.

In finance, Mr Larre is since 2008 Vice Chairman of the board and Chairman of the Audit Committee of Sparebank 1 Nord Norge, reportedly the 6th largest bank in Norway and has driven the bank expansion overseas.

In real estate, he is Chairman of the board of Prime Property Kroatia; he is as well board member of German Property AS in Germany ; of Dubai Real Estate Development in Dubai; of Florida Eiendom in Florida; and of Aheloy Beach Commercial in Bulgaria.

The board welcomes him with expectations for his wealth of international business experience.

At the same time the company announces the resignation of Mr James H. Grossman, which had to devote more time to other interests after some four years on the Company Board.

The board wishes to thank him for his great assistance and counsel.

Andrea Cattaneo, the Company's CEO and President stated: "We are honoured to welcome in our board such a prominent figure from the Norwegian business community, a business environment in which we continue our steady settlement. The Board looks forward to this additional source of advice to the future plans and growth of Canoel".

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.
    Jose' Ramon Lopez-Portillo
    Chairman
    (403) 938 8154
    Telefax number: (403) 775-4474
    info@canoelenergy.com
    or
    Canoel International Energy Ltd.
    Andrea Cattaneo
    Chief Executive Officer and President
    (403) 938 8154
    Telefax number: (403) 775-4474
    info@canoelenergy.com