PetroShale Inc.

May 06, 2013 16:11 ET

PetroShale Announces Appointment of New President & Chief Executive Officer

DENVER, COLORADO--(Marketwired - May 6, 2013) - PetroShale Inc. ("PetroShale" or the "Company") (TSX VENTURE:PSH) is pleased to announce the appointment of Mr. Evan Genaud, 38, as President and CEO. Mr. James Fair, who is retiring from his current executive role, will continue to serve as a Director.

"On behalf of the Board of Directors of PetroShale, we are very pleased Evan Genaud has agreed to join the Company as President and CEO. Evan's unique background of technical, entrepreneurial and financial markets experience makes him an ideal CEO to lead PetroShale", commented John Fair, President PetroShale (US) Inc. "Governments and leading international oil companies have sought Evan's advice on high profile projects around the globe. I look forward to working together with Evan to aggressively grow the Company".

Genaud's experience over the past 17 years has included technical, business development, entrepreneurial and financial markets positions in North America, South America, Europe, Asia, Africa, and the Middle East. After three years as Global Oil and Gas Advisor and Chief Engineer for HSBC, London, UK, Genaud recently moved back to Denver with his family. Genaud played an instrumental role helping HSBC grow its highly successful worldwide energy practice.

Prior to HSBC, Genaud spent seven years with Anadarko/Kerr-McGee in increasing roles of responsibility both internationally and in the Rocky Mountain region, including extensive experience in the Williston Basin.

Genaud is an MBA graduate from the University of Colorado and holds a BS in Geophysical Engineering from the Colorado School of Mines. Mr. Genaud's appointment remains subject to regulatory approval, including the approval of the TSX Venture Exchange.

In connection with his appointment, Genaud has agreed to purchase up to 134,000 common shares of the Company ("Common Shares") at a price of $0.29 per Common Share for gross proceeds to the Company of $38,860 (the "Genaud Placement"). Closing of the Genaud Placement shall occur as soon as practicable following receipt of all regulatory approvals including the approval of the TSX Venture Exchange.

The Company also announces that pursuant to the provisions of Company's option plan, the board of directors of the Company have agreed to grant Genaud 443,470 options purchase Common Shares at an exercise price of $0.29 per Common Share. The options granted shall vest on each of the next three anniversaries of the date of grant and expire on May 6, 2018. All stock option grants are subject to regulatory approval including the approval of the TSX Venture Exchange.


This news release contains "forward-looking information" within the meaning of applicable securities laws. The use of any of the words "will", "intends" and similar expressions is intended to identify forward-looking information concerning the Company's plan to complete a the Genaud Placement and the receipt of all necessary regulatory approvals regarding the appointment of Genaud, the Genaud Placement and the option grant. The forward-looking information in this news release is based on certain key expectations and assumptions made by the Company, including assumptions as to: the submission, in a timely manner, of regulatory and third party applications and the receipt in a timely manner, of regulatory and third party approvals.

Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that it will prove to be correct.

The forward-looking information in this news release is subject to known and unknown risks and uncertainties and other factors which may cause actual results to differ materially from those expressed or implied in the forward-looking information. Such risks, uncertainties and factors include, among others, the inability to secure necessary regulatory or other third party approvals. As a result of the foregoing, readers should not place undue reliance on the forward-looking information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive.

The forward-looking information contained in this news release is made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless so required by applicable securities law.

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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