CALGARY, ALBERTA--(Marketwire - Aug. 3, 2011) - David Dion, Chief Financial Officer of Huntington Exploration Inc. ("HEI" or the "Company") (TSX VENTURE:HEI) announced today that C. Alan Smith has retired as Chief Executive Officer of HEI and did not stand for re-election as a director at the Company's annual general and special shareholders meeting held on July 28, 2011. The Company wishes to thank Mr. Smith for his dedication and service to HEI. The board of directors of HEI is undertaking an executive search process to replace Mr. Smith.
The Company also announced that Mark Hadley has been appointed as the Company's Vice President, Exploration. Mr Hadley brings more than 25 years of experience in the oil and gas business to HEI, having worked numerous basins and play types within North America. In connection with Mr. Hadley's appointment, subject to regulatory approval, the Company has granted 750,000 options to purchase common shares of HEI to Mr. Hadley, in accordance with the Corporation's stock option plan. These options expire five years from the date of grant and have an exercise price of $0.10 per share. HEI has determined that exemptions from the various requirements of the TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 are available for the issuance of the options to the officer of the Corporation (Formal Valuation - Issuer Not Listed on Specified Markets; Minority Approval - Fair Market Value Not More Than 25% of Market Capitalization).
HEI is an exploration-focused company actively pursuing opportunities in the petroleum and natural gas business in Western Canada sedimentary basin.
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 accuracy of this release.
Contact Information:
David Dion
Chief Financial Officer
403.736.0481
ddion@dmsaccounting.ca