Probe Resources Ltd.
TSX VENTURE : PBR

Probe Resources Ltd.

March 05, 2008 09:15 ET

Probe Resources Ltd.: Appointment of Management Team, Granting of Options and Brokered Private Placement of $20,000,000

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 5, 2008) - Probe Resources Ltd. (the "Company") (TSX VENTURE:PBR) is pleased to announce as follows:

Appointment of Chief Executive Officer

The Board of Directors has appointed L. Scott Broussard as the Chief Executive Officer of the Company. The Company has nominated Mr. Broussard at the upcoming adjourned annual and special meeting of the shareholders of the Company to be held on March 26, 2008 (the "Meeting") for election as a director of the Company. Following the Meeting, Mr. Broussard will be appointed as President of the Company. The Board of Directors has also approved the appointment of Mr. Broussard as President and director of Probe Resources Energy Marketing US Ltd. and Probe Resources US Ltd., the two wholly owned subsidiaries of the Company.

Prior to joining the Company, Mr. Broussard served as Vice-President, Drilling and Production of Spinnaker Exploration Company ("Spinnaker") from 1999 to 2006. In that capacity, he played a fundamental role in developing Spinnaker from a small private oil and gas company to a large publicly traded company that was eventually sold to Norsk Hydro for $US2.6 billion. Prior to Spinnaker, Mr. Broussard was Vice-President of HTK Consultants, Inc., an engineering consulting firm in Texas. Mr. Broussard holds a B.Sc. in Petroleum Engineering from Louisiana State University.

Appointment of New Officers

Following the appointment of a new Chief Executive Officer, the Company has also appointed the following new officers:

Bruce L. Ganer - Executive Vice President - Business Development

Mr. Ganer was the founder and President of Sierra Pines Resources International, focused on acquisition, divestiture, and development of fields in North Louisiana, Offshore Gulf of Mexico, upper and lower US Gulf Coast, Turkey, and Brazil. Company efforts resulted in 290 BCFE in proven reserve additions. Mr. Ganer's past employment history includes Pennzoil, Union Texas Petroleum, and Schlumberger. He earned a Master's degree in Petroleum Engineering from the University of Houston, a Bachelor's degree in Physics and Mathematics from Central Michigan University, and did post-graduate work in Geology, Geophysics, and Physics.

William N. Young III - Vice President - Commercial Negotiations

Mr. Young served in this same capacity with Hydro Gulf of Mexico, formerly Spinnaker Exploration. He was the sole representative for the company on merchant export negotiations for field developments of the Independence Hub, Thunder Hawk, and Front Runner projects. Prior to Spinnaker, he served as President of a midstream start-up through to IPO which included multiple asset acquisitions and also as Chief Operating Officer of a large physical and financial gas trading, hedging, and back office operation. The remainder of his 30 year career involved officer level responsibilities at public companies in Mergers & Acquisitions (Team Leader Commercial Due Diligence on $2.6 billion of successful company acquisitions), Marketing, and Supply, as well as management of Transportation, Engineering Planning, Environmental Affairs, and Government Compliance functions. Mr. Young holds both a Bachelor and Masters degree in Civil Engineering from North Carolina State University.

Roger B. Souders - Vice President - Land

Mr. Souders has over 25 years of experience as a professional landman in the oil and gas industry with expertise in negotiating and administering contracts, leases, and other legal agreements, supervising personnel, and land budget administration. He has spent the last 17 years at Noble Energy, Inc., formerly Samedan Oil Corporation. His duties included negotiating lease acquisitions, trades, joint venture agreements, operating agreements, and contracts necessary to allow drilling and production operations in the Gulf of Mexico. He provided input regarding formulation and implementation of exploration program strategies, and business development. He also initiated and developed strategies that optimize leasehold and prospect portfolio land strategies. Mr. Souders earned a Bachelor's degree in Business Administration - Management from Southwest Texas State University and a Bachelor's degree in Petroleum Land Management from the University of Houston.

Andre J. Broussard - Vice President - Exploration

Mr. Broussard has 25 years of experience in exploration and development in the Gulf of Mexico as a Geologist and Geophysicist. He was one of the first employees of Spinnaker Exploration Company and an integral part of its exploration success. He most recently served as StatoilHydro's Shelf, Technology, and Eastern Gas Manager. In this capacity he led the shelf divestiture effort, managed all seismic and processing acquisition, and managed geologic operations and petrophysics for North America. Prior to that, he served as Hydro Gulf of Mexico's Exploration and Development Manager, GOM Shelf, and as an explorationist for Spinnaker and CNG Producing Company. Mr. Broussard earned a Bachelor's degree in Geology from the University of Southwestern Louisiana.

Dan Bomersbach - Operations Manager

Mr. Bomersbach has well over 25 years of experience in completion and production operations. He most recently served as Hydro Gulf of Mexico's, formerly Spinnaker's, Senior Completion/Operations Engineer. He designed every completion performed by Hydro/Spinnaker. He specializes in High Pressure/High Temperature, advanced metallurgies, Intelligent Completion, Frac-packing, and Abandonment. Prior to Spinnaker, he acted as a consulting Completion Engineer for various companies as an employee of HTK Consultants. He began his career with Baker Sand Control, where he served in various capacities including Technical Specialist, Field Supervisor, District Manager, and Sales & Service Supervisor. Mr. Bomersbach earned a Bachelor of Science degree from Southwest Texas State University.

Directors and Officers of US subsidiaries

The following are directors and officers of Probe Resources Energy Marketing US Ltd. and Probe Resources US Ltd., the two wholly owned subsidiaries of the Company situated at 21 Waterway, Suite 300, The Woodlands, Texas, 77380 USA, Phone: (281) 362-2843; Fax: (281) 362-2704:

Probe Resources Energy Marketing US Ltd.

L. Scott Broussard: Director and President

Bruce Ganer: Director and Executive Vice President - Business Development

Morgan Tincher: Corporate Secretary and Treasurer

William N. Young III: Vice President - Commercial Negotiations

Probe Resources US Ltd.

L. Scott Broussard: Director and President

Bruce Ganer: Director, Secretary, Treasurer and Executive Vice President - Business Development

William N. Young III: Vice President - Commercial Negotiations

Roger B. Souders: Vice President - Land

Andre J. Broussard: Vice President - Exploration

Dan Bomersbach: Operations Manager

Granting of Options

Subject to the approval of TSX Venture Exchange and the shareholders at the Meeting and of a new share option plan, the Company has granted incentive stock options to certain directors, officers and employees of the Company to purchase up to 3,799,000 common shares in the capital stock of the Company. The options have a term of five years and are exercisable at an exercise price of $0.40 per share.

Brokered Private Placement

The Company also announces a brokered best efforts private placement of up to 40,000,000 units of the Company (a "Unit") at a price of $0.50 per Unit for gross proceeds of up to $20,000,000 (the "Offering"). Each Unit will consist of one common share and one common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder thereof to purchase one common share of the Company (a "Common Share") at a price of $0.75 per Common Share for a period of 12 months following the closing of the Offering (the "Closing Date").

The net proceeds from the Offering will be used by the Company to finance exploration expenditures and for working capital and general corporate expenditures.

The Company will pay in cash a fee of 6.5% of the gross proceeds from the Offering to agents assisting in the Offering. The Company will also issue Warrants to agents assisting in the Offering to purchase that number of Common Shares equal to 5% of the total number of Units sold under the Offering.

The Offering and the Agents' fees payable thereunder are subject to regulatory approval.

BY ORDER OF THE BOARD

Morgan Tincher, Secretary and Acting Chief Financial Officer

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Probe Resources Ltd.
    L. Scott Broussard
    Chief Executive Officer
    (281) 362-2843
    (281) 362-2704 (FAX)