HOUSTON, TEXAS--(Marketwired - Oct. 13, 2016) - Greenfields Petroleum Corporation (the "Company" or "Greenfields") (TSX VENTURE:GNF) announces that after approximately nine years as founding members of Greenfields, Richard E. MacDougal and Alex T. Warmath are retiring from the board of directors of the Company. Mr. MacDougal and Mr. Warmath were instrumental in the formation of Greenfields and the Company is most grateful for their leadership and guidance over the past decade. Mr. MacDougal and Mr. Warmath have agreed to continue to advise the Company in a consulting role with the Company.
The board of directors of Greenfields has appointed two new members to fill the vacancies, Geir Sagemo and David Fransen, both affiliated with the parent company of Greenfields' senior lender and major shareholder, Vitol Energy (Bermuda) Ltd. ("Vitol"). Vitol holds approximately 49.1% of the issued and outstanding common shares of Greenfields.
Mr. Sagemo is a member of the finance and investment group at Vitol Group. Prior to joining Vitol in 2007, Mr. Sagemo spent 13 years in the energy teams of various investment banks, including Dredner Kleinwort Benson and JPMorgan. Mr Sagemo is a board member of New Age (Africa Global Energy) Ltd. He holds a B.Sc. in Economics from the Wharton School.
Mr. Fransen has served as the Managing Director of Vitol SA Geneva since 2002 and is a member of the board of directors of Vitol Group. He has a wide range of experience within the Vitol Group, from gasoline trading and various management positions to the creation of Vitol's central management information system. Prior to joining Vitol in 1986, Mr. Fransen was with British Petroleum. He holds a BSC (Hons.) in Mathematics and Computer Science from Royal Holloway College, London.
Mr. Harkins, President and CEO of Greenfield stated: "Greenfields has been very fortunate to have Mr. MacDougal and Mr. Warmath as directors of the Company. Their vision was instrumental in creating the Company and in steering the Company through many challenging times. We welcome Mr. Sagemo and Mr. Fransen to the board of directors, and look forward to benefiting from their years of valuable experience and extensive relationships in the region's oil and gas industry."
About Greenfields Petroleum Corporation
Greenfields is a junior oil and natural gas company focused on the development and production of proven oil and gas reserves principally in the Republic of Azerbaijan. The Company plans to expand its oil and gas assets through further farm-ins, and acquisitions of Production Sharing Agreements from foreign governments containing previously discovered but under-developed international oil and gas fields, also known as "greenfields". More information about the Company may be obtained on the Greenfields website at www.greenfields-petroleum.com.
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