Gallic Energy Ltd.

Gallic Energy Ltd.

December 01, 2010 08:00 ET

Gallic Energy Ltd. Announces Appointment of Bill Smith as CEO

CALGARY, ALBERTA--(Marketwire - Dec. 1, 2010) - Gallic Energy Ltd. ("Gallic") (TSX VENTURE:GLC) would like to announce that Mr. William H. (Bill) Smith has accepted the position of Gallic's Chief Executive Officer and has also been added to the Company's Board of Directors.  Gallic is very pleased to have Bill join the Company and provide his leadership and expertise in France and Europe, as Gallic continues to build out its portfolio and focus on unconventional and conventional opportunities in its core region.

Mr. Smith has over 35 years of oil and gas exploration and evaluation experience, largely focused on international projects. From 2000 to 2008 Mr. Smith was with AEC International Inc. and later Encana Corporation ("Encana"), where as VP France he was responsible for Encana's unconventional gas evaluation of Europe and its Foix project in the Aquitaine Basin of France. Mr. Smith has also held positions with Transworld Oil/Oman Oil, Forcenergy, and Anschutz Petroleum. Most recently, Mr. Smith was the principal of W H Smith International Consultants, whose main clients were Canacol Energy Ltd. and Sprott Resource Corp. Mr. Smith has a B.Sc. and M.Sc. in Geophysical Engineering and a Ph.D. in Mineral Economics.

Commenting on his new CEO role, Mr. Smith said "I look forward to the opportunity to lead Gallic into the future, with a focus on our existing onshore France assets in the Aquitaine Basin and expanding our strategy in France and continental Europe."

The Company would like to thank Mr. John Garden for his service as CEO over the past year. Mr. Garden will continue to serve on Gallic's Board of Directors.

In connection with Mr. Smith's appointment as Chief Executive Officer, he was granted 2,500,000 restricted stock units, subject to approval by the TSX Venture Exchange. Mr. Smith was also granted 1,500,000 stock options. The options were granted at $0.35 and have a 5 year term, pursuant to the Company's stock option plan. The Company also granted an additional 600,000 stock options to existing directors, and 400,000 stock options to consultants of the Company on the same terms. The Corporation has determined that exemptions from the various requirements of TSX Venture Exchange Policy 5.9 are available for the granting of the options.

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

  • Gallic Energy Ltd.
    Mr. Mark Woods
    President and Chief Operating Officer
    (403) 263-1105
    (403) 265-4514 (FAX)