Perisson Petroleum Corporation
CNSX : POG

Perisson Petroleum Corporation

March 24, 2015 08:51 ET

Perisson Petroleum Corporation Announces Operational Changes

MONTREAL, QUEBEC--(Marketwired - March 24, 2015) - Perisson Petroleum Corporation ("Perisson" or the "Company") (CSE:POG) announces the following management changes, which are meant to better position the Company to undertake necessary exploration activities on its VMM‐17 block in Colombia, South America.

Messrs. Serge Racine and Marc Roberge have resigned as directors of the Company and Mr. Racine has also resigned as the Company's corporate secretary. In addition, Mr. Dominique St. Louis has been terminated as the Chief Financial Officer of the Company.

The Company has also filed with the Colombian authorities, based on extenuating circumstances, an application for a multi‐year extension of its VMM‐17 license. The Company expects to receive a response to this extension application very soon and will update the market accordingly.

The directors of the Company have appointed Mr. Scott Reeves as the new corporate secretary of the Company. Mr. Reeves is a partner at the Calgary‐based law firm TingleMerrett LLP. He has acted for numerous Canadian and International public and private corporations, including oil and gas, technology, mining and industrial issuers, and has wide experience in private and public debt and equity offerings, corporate acquisitions of assets and/or share, corporate structuring and debt financing.

In addition, the directors have approved the movement of the head office of the Company from Montreal to Calgary. As Calgary is one of the few North American centres for oil and gas excellence and talent, the Company believes it will be in a stronger position to operate as a leading international oil and gas exploration and development company.

Mr. Gary Chen, CEO of the Corporation, commented, "We would like to sincerely thank Mr. Racine, Mr. Roberge and Mr. St. Louis for their numerous contributions to the company during its initial stages. We are now at a turning point; on the cusp of a potential long‐term license extension, whereby we intend to attract new talent to help us generate a new level of shareholder value. Scott Reeves is one example of the caliber of talent that is available to us from Calgary. His joining our team is a solid vote of confidence as we embark on this new chapter from Calgary, Canada's centre of oil and gas expertise."

About Perisson Petroleum Corporation

Perisson Petroleum Corporation holds a 100% working interest in 39,927 hectares (almost 100,000 acres) known as the VMM‐17 block, a license located in the prolific, stable, oil‐producing region of Middle Magdalena Basin in central Colombia. The Corporation's objectives are to explore, exploit and produce oil from the relatively shallow reservoirs believed to be within the VMM‐17 block.

FORWARD LOOKING STATEMENTS: This news release contains statements that may be considered "forward‐looking statements." All statements in this release, other than statements pertaining to historical fact, whether they concern future drilling and other exploration activities, or events and developments being considered in the Corporation's plans, constitute forward‐looking statements. Although Perisson deems the expectations reflected in these forward‐looking statements to be reasonable, the Corporation can give no assurances that those expectations will be achieved, and actual results or future developments may differ materially from those contemplated in the forward‐looking statements. Factors that could cause actual results to differ materially from expectations contained in the forward‐looking statements include market prices, exploitation and exploration successes, continued availability of financing, the economy in general, the market and economic conditions.

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