North Sea Energy Inc.
TSX VENTURE : NUK

North Sea Energy Inc.

January 20, 2017 07:47 ET

North Sea Energy Announces Management Changes

TORONTO, ONTARIO--(Marketwired - Jan. 20, 2017) - North Sea Energy Inc. ("NSE" or the "Company") (TSX VENTURE:NUK) announces the following management changes and board changes:

Management and Board Changes:

J. Craig Anderson, Chairman and CEO of NSE, has decided to leave the Company, effective immediately, to pursue other interests. Mr. Anderson has been the CEO of NSE for the last ten years since founding the Company and its Chairman for the past two and a half years. Mr. Anderson oversaw the exploration, appraisal and development of the Jacky field, discovery of the Polly field and recently the drilling of the Bagpuss well that encountered a large amount of hydrocarbons in the UK North Sea.

Petya Popova, CFO of NSE for the past six and a half years, has decided to leave the Company, effective immediately, to pursue other interests. Ms. Popova responsibility included accounting, financial and regulatory requirements as well as assisting in operations and strategic management activities for the Company.

Ian Lambert, a Director of NSE and former CEO of Trade Winds Ventures will assume the role of Interim CEO and CFO. Both Mr. Anderson and Ms. Popova have expressed their willingness to assist NSE in order to ease in the transition.

Ian Lambert, made the following comment, "NSE would like to thank Mr. Anderson and Ms. Popova for their tremendous dedication to the shareholders of NSE through very difficult market conditions. We wish them well in their future endeavours."

As a result of the management changes, C. Brent Austin and Larry Leblanc, Directors of NSE have resigned effective immediately. NSE would like to thank both Mr. Austin and Mr. LeBlanc for their service to NSE over the years and to wish them well with their future endeavours.

Forward Plans:

The Company's forward plan is to continue its efforts with respect to the Bagpuss and Blofeld Prospects and will work together with its JV partners to attract farm-in partners.

About NSE:

The Company, founded in February 2007, is a UK focused oil and gas exploration and appraisal company quoted on the TSX-V. NSE, along with its wholly owned subsidiary, North Sea Energy (UK NO2) Limited, holds two high impact opportunities in the UK North Sea. These opportunities are the Bagpuss and Blofeld prospects located in blocks 13/24c and 13/25 of the UKCS.

Forward-looking statements

Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "forecast", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information. Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information.

In particular, there can be no certainty that analysis of the hydrocarbons and reservoir will result in commerciality being established. Factors which may cause commerciality not to be established include risks and uncertainties such as analysis concluding that the hydrocarbons are not of a commercially interesting grade, logistical challenges associated with extracting in the North Sea, oil prices, access to financing (for a full list of risks please refer to our financial statements and management discussion and analysis filed on www.sedar.com).

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.

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