SOURCE: Panther Energy

Panther Energy

August 05, 2014 10:26 ET

Panther Energy Changes Ticker Symbol and Provides Corporate Update

FT. WORTH, TX--(Marketwired - Aug 5, 2014) - Panther Energy (OTC: PNEG) (the "Company"), a development stage oil and gas exploration and production company, is pleased to provide shareholders with a corporate update discussing its recent name change, new ticker symbol, and a series of significant actions that have contributed to the Company's current position and outlook for the near future.

In connection with its recent name change to Panther Energy from Innocent, Inc. (OTC: INCT), the Company's common shares have commenced trading on the OTCBB under the new ticker symbol, "PNEG," effective August 5, 2014.

These changes reflect the Company's ongoing efforts to minimize the risks of exploration by developing proved petroleum reserves and maximizing profit through strategic acquisition and liquidation of selected oil and gas properties. Management chose the name "Panther Energy" to portray the Company's aggressive and stealth strategy to achieve these goals and generate predictable, sustainable company value.

Panther's journey traces back to an exploration agreement signed in November 2013 with Dallas, Texas-based Evergreen Petroleum. Evergreen was retained to leverage its more than 150 years of experience in the oil and gas industry to serve as general manager of the Company's Exploration Project in the Powder River Basin of Wyoming. Ranking eighth in the Energy Information Agency's U.S. crude oil production rankings, Panther (at the time doing business as Innocent) solidified its footing in a state recognized by many as being on the cusp of a second oil boom.

The following months entailed a significant C-level adjustment, as well as the expansion of the Company's board of directors and launch of an advisory panel.

Patrick Johnson, formerly the Company's chief operating officer, in June 2014 was promoted to the role of chief executive officer, succeeding the resigning CEO Wayne Doss. Johnson, a seasoned entrepreneur with a lengthy executive background in the oil and gas, consumer products, and neutraceutical industries, also demonstrated experience in the public and private sectors, as well as in consulting and non-profit operations. Additionally, Terry Lynch was appointed as new president and chairman of the Company's board of directors.

Later that month, the Company appointed James Kerr as its new chief financial officer, where he brings more than 20 years of extensive experience in corporate restructuring, mergers and acquisitions, debt consolidation, corporate finance, financial statement preparation, audits and more for both private and public companies. 

With managerial restructuring in place, the Company in July launched an advisory council to further support corporate initiatives, naming to the council: Peter Kent, a corporate commercial lawyer and business advisor with more than 35 years of experience; Scott Davis, who has managed teams of more than one hundred workers while implementing land strategies in the field for Devon, ConocoPhillips, XTO, Samson, Cimarex, and other E&P companies; and Denis Clement, a highly experienced international business executive with more than 30 years of experience in finance, law, M&A, management and entrepreneurship throughout various industries including financial, oil and gas, mining and technology.

CEO Patrick Johnson stated, "Our team members have laid a solid foundation for Panther to thrive in the North American oil and gas market. We are committed to building a leading, exploration and production company, dedicating our recourses to meet the ever growing demand for dependable energy."

About Panther Energy Inc.

Panther Energy is a development stage oil and gas exploration and production company focused on developing properties in North America. Panther Energy plans to minimize the risk of exploration through development of proved petroleum reserves, and expects to maximize profit through strategic acquisition and liquidation of selected oil and gas properties. Panther Energy will focus on acquiring low risk, high upside properties coupled with substantial exploration potential. Through improvements in oil and gas production technologies, Panther seeks to rapidly increase production levels and generate predictable, sustainable value. Adhering to a narrow, clearly defined strategy, the company focused on 100% acquisitions and joint ventures to maximize our production capacity.

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This press release contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 (the "Securities Act") and the Securities Exchange Act of 1934 (the "Exchange Act"). All statements other than statements of historical facts included in this report regarding our financial position, business strategy, plans and objectives of management for future operations, industry conditions, and indebtedness covenant compliance are forward-looking statements. When used in this report, forward-looking statements are generally accompanied by terms or phrases such as "estimate," "project," "predict," "believe," "expect," "anticipate," "target," "plan," "intend," "seek," "goal," "will," "should," "may" or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about, actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond our company's control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following: oil and gas prices, general economic or industry conditions, nationally and/or in the communities in which our company conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, our access to capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, and other economic, competitive, governmental, regulatory and technical factors affecting our company's operations, products, services and prices.

We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control.

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