Quetzal Energy Ltd.

Quetzal Energy Ltd.

July 07, 2011 09:11 ET

Quetzal Announces the Appointment of Andrew DeFrancesco to the Board of Directors, and John Martin as CFO

CALGARY, ALBERTA--(Marketwire - July 7, 2011) - Quetzal Energy Ltd. (TSX VENTURE:QEI) ("Quetzal" or the "Company") is pleased to announce the appointment of Andrew DeFrancesco ("Andy") to the Board of Directors effective July 7, 2011.

Mr. DeFrancesco ("Andy") is Chairman & CEO of Delavaco Capital Inc, a private equity and merchant banking group with a primary focus on natural resources. He is also Founder, Chairman and CEO of Colcan Energy, Executive Chairman of Tolima Gold Corp a Colombian gold company, Co-Founder and Former Chairman & CEO of Colombian oil companies APO Energy and P1 Energy which combined in 2010 in a merger valued at approximately $445 million. Andy was also Founder and Executive Chairman of Delavaco Energy a Colombian oil company which was sold to Allange Energy in 2009 for $100 million.

Bob Szczuczko, Quetzal Chairman and CEO stated "Andy and I were a very good team at Delavaco Energy and I look forward to working closely with him again; in his formal role as a director, Andy will provide Quetzal with strong capital markets guidance to fully exploit the significant underlying value in Quetzal".

Mr. Cameron Dow has resigned as the CFO of Quetzal effective immediately. The Board of Directors would like to thank Mr. Dow for his contributions and wish him well in his future endeavours.

Mr. John Martin CA has joined Quetzal as CFO effective July 7, 2011. John was the founding and senior partner of EvansMartin LLP, a midsize firm of Chartered Accountants. John has many years experience in finance, merger and acquisition activities, including assisting clients in establishing and integrating operations in the U.S., Europe and for the past two years, primarily in the oil and gas industries in Colombia. Through his role as CFO of APO Energy Inc. and other Colombian assignments, John has developed extensive banking, legal and accounting contacts in Colombia. John has been a CA for 37 years and is a graduate from the University of Western Ontario.

About Quetzal

Quetzal is a development stage independent oil and gas company engaged in exploration, development, and production activities in Colombia and Guatemala. Quetzal is actively involved in identifying and developing commercial opportunities for the monetization of hydrocarbon resources in both countries.

Cautionary Statements

This news release contains forward-looking information and forward-looking statements within the meaning of applicable securities laws (together, "forward-looking information"). The use of any of the words "expect", "anticipate", "continue", "estimate", "believe", "plans", "intends", "confident", "may", "objective", "ongoing", "will", "should", "project", "should" and similar expressions are intended to identify forward-looking information. In particular, but without limiting the foregoing, this news release contains forward-looking information concerning the use of proceeds of the recently completed offering of units of the Corporation.

The forward-looking information is based on certain key expectations and assumptions made by Quetzal, including expectations and assumptions concerning the operational results in Colombia and Guatemala. Although Quetzal believes that the expectations and assumptions on which the forward-looking information are based are reasonable, undue reliance should not be placed on the forward-looking information because Quetzal can give no assurance that they will prove to be correct.

Since forward-looking information addresses future events and conditions, by its very nature it involves inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the inherent risks involved in the exploration and development of oil and gas properties, the uncertainties involved in interpreting drilling results and other geological data, uncertainties relating to fluctuating oil and gas prices, the possibility of cost overruns or unanticipated costs and expenses and other factors including unforeseen delays. Anticipated exploration and development plans relating to Quetzal's properties are subject to change.

The foregoing list of assumptions, risks and uncertainties is not exhaustive. The forward-looking information contained in this press release is made as of the date hereof and Quetzal undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.


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