Ceiba Energy Services Inc.

Ceiba Energy Services Inc.

May 25, 2016 18:06 ET

Ceiba Energy Services Announces Stock Option Grant and Share Unit Exercise

CALGARY, ALBERTA--(Marketwired - May 25, 2016) - Ceiba Energy Services Inc. ("Ceiba" or the "Company") (TSX VENTURE:CEB) has today granted a total of 1,405,000 stock options to employees and officers of the Company at an exercise price of $0.17. The stock options have been granted as part of Ceiba's annual employee compensation program pursuant to the Company's 10% rolling stock option plan and will expire five years from the date of grant. All of the stock options vest as to one third thereof starting at the date of grant and at the next two anniversaries of the date of grant. Subsequent to this stock option grant, Ceiba will have a total of 10,744,334 stock options outstanding.

Under the Company's share unit compensation plan, 542,524 share units are issued and outstanding. These share units were granted to executives and non-executive directors in-lieu of a portion of their 2015 compensation. All outstanding share units have been exercised effective today and a total of 408,452 common shares have been issued and 134,072 share units have been returned to the Company for cancelation in-lieu of withholding taxes payable.

Reader Advisory

Neither the 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 the accuracy of this release.

Forward-looking statements

Certain information regarding Ceiba in this news release, including management's assessment of its future development plans and access to various external sources of capital, may constitute forward looking statements under applicable securities laws and necessarily involve risks including, without limitation, risks associated with facility construction and oilfield services operations, general risks associated with oil and gas exploration, development, production, marketing and disposal of waste, loss of markets, environmental risks, competition from other service providers, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources. As a consequence, actual results may differ materially from those anticipated in the forward‐looking statements. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect Ceiba's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). The forward‐looking statements or information contained in this news release are made as of the date hereof and Ceiba does not undertake any obligation to update publicly or revise any forward‐looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Contact Information

  • Ceiba Energy Services Inc.
    Ian Simister

    Ceiba Energy Services Inc.
    Peter Cheung
    CFO and Corporate Secretary