Palo Duro Energy Inc.
TSX VENTURE : PDE

Palo Duro Energy Inc.

February 03, 2012 16:15 ET

Palo Duro Announces Changes to Management and Board of Directors

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 3, 2012) - Palo Duro Energy Inc. ("Palo Duro" or the "Company") (TSX VENTURE:PDE) provides the following corporate updates.

APPOINTMENT OF A NEW PRESIDENT AND NEW DIRECTOR

The Company is pleased to announce the appointment of Bill Koutsouras as President and CEO. Mr. Koutsouras is the President of Kouts Capital, a consulting company providing assistance to companies with corporate finance related transactions including providing strategic advice, introduction to capital providers and transaction structuring and implementation. Previously Mr. Koutsouras was the Executive Vice President and Chief Financial Officer of Endeavour Mining Corporation. He was primarily responsible for overseeing financial advisory mandates, investment related services and the financial operations and management of the Endeavour group of companies. Mr. Koutsouras is a Chartered Accountant and Chartered Financial Analyst and is a member of the Canadian Institute of Chartered Accountants and the CFA Institute.

The Company is also pleased to announce the appointment of Mike Vint, BSc (mining), PEng, to the board of directors of the Company. Mr. Vint is Vice-President of Mining for Endeavour Financial Corp., an advisory service specializing in debt, mergers and acquisitions, and corporate finance where he is responsible for mine technical analysis. He has over 18 years of industry experience primarily in mine operations, however the last six years he focused on mine valuation, finance, mergers and acquisitions, and reverse takeovers.

Mr. Vint has operational and engineering experience with both open pit and underground having worked at open pits in Nevada and California, and underground at Hemlo and Eskay Creek. He has completed several scoping and prefeasibility studies, formulated economic models for evaluating potential open pits and underground mines, and completed open pit designs for a variety of metals.

Mr. Vint has worked with independent engineers and companies to provide comprehensive reports for financial institutions for mine credit approvals and also worked in the equity research department of CIBC World Markets covering the gold sector. He is a registered professional engineer in the Province of British Columba and he received his mining engineering degree from Colorado School of Mines.

The Company also announces the resignation of Mr. Stephen Barley as President, CEO and director. The Company wishes to thank Mr. Barley for his contribution and tenure with Palo Duro.

GUINEA TRANSACTION

The Company continues to make progress on the acquisition originally announced June 29, 2011 and will provide a further update by February 29, 2012.

Palo Duro Energy Inc.

Bill Koutsouras, President & CEO

Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws, including information regarding the timing and completion of the acquisition. Forward-looking information is based on plans and estimates of management at the date the information is provided and certain factors and assumptions of management. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risks related to international operations and doing business in foreign jurisdictions including country and governmental risks, risks associated with the mining industry and exploratory and development activities generally (e.g., operational risks in development, exploration and production, delays or changes in plans with respect to exploration or development projects or capital expenditures, risks associated with equipment procurement and equipment failure), the risk of commodity price and foreign exchange rate fluctuations, and risks and uncertainties associated with securing and maintaining necessary regulatory approvals.

Shares Outstanding: 32,218,347

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

  • Palo Duro Energy Inc.
    Investor Relations
    1-604-639-4673
    1-604-639-4670 (FAX)
    info@paloduro.ca