Redhill Resources Corp.
TSX VENTURE : RHR

Redhill Resources Corp.

August 11, 2014 08:30 ET

Redhill Strengthens Management Team

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 11, 2014) - Redhill Resources Corp. ("Redhill" or the "Company") (TSX VENTURE:RHR) is pleased to announce the appointment of Mr. Paul McDougall as Chief Executive Officer and Mr. Jamie Carlson as President and Chief Operating Officer.

Mr. Paul McDougall, C.A., recently served as an advisor to Central European Petroleum Ltd. ("CEP"), previous to which he was their CFO from January 2011 to November 2012. CEP was incorporated to pursue petroleum exploration opportunities in the European Union and has since acquired over 3.6 million acres of onshore and offshore exploration licenses in the German states of Mecklenburg-Vorpommern and Brandenburg. Mr. McDougall also served as Chief Financial Officer of OSUM Oil Sands Corp. from 2007 to 2009. OSUM is a private energy company established in Alberta which focuses on the bitumen potential of the Canadian oil sands. It is backed by some of the largest and most sophisticated energy investors in the world including, but not limited to, Warburg Pincus, Blackstone Capital Partners, KERN Partners, Korea Investment Corp., Government of Singapore Investment Corp. and Goldman Sachs.

Prior to joining OSUM, Mr. McDougall worked in various roles at Centurion Energy International Inc. ("CUX"), from 2000 to 2006, ending as VP Finance. Mr. McDougall was an integral part of the executive team that raised over $300 million in debt and equity financings and grew CUX from 1,000 boepd to 38,000 boepd until its sale to Abu-Dhabi listed Dana Das PJSC for $1.15 billion. Prior to joining CUX, Mr. McDougall worked with Deloitte and Touche as Monitor for PetroKazakhstan. Mr. McDougall received his Bachelor of Commerce degree from the University of Calgary and obtained his designation as a Chartered Accountant while working with PricewaterhouseCoopers.

Mr. Jamie Carlson has over 20 years of broad based oil and gas development and management expertise. Mr. Carlson's expertise includes production engineering and operations, business development, project management, asset evaluation and modeling, seismic acquisition, drilling program management, and the development of exploitation strategies for clastic and carbonate light oil, heavy oil, and bitumen plays. Mr. Carlson has played a key role in advancing several assets from inception to later stage development with resulting values of several million to over one billion dollars.

Prior to Redhill, Mr. Carlson was the President and CEO at Carlson Resource Corp., an international energy consulting company providing engineering and business development evaluations in Columbia, Mexico, Egypt and Canada. From 2007 to 2013, Mr. Carlson was the Operations Manager for OSUM Oil Sands Corp. and contributed to the success of building OSUM from a start up to a $1.5 billion dollar company. From 2006 to 2007, Jamie was an Area Coordinator for Baytex Energy where he evaluated US and Canadian acquisitions. From 2003 to 2006, he was a Senior Engineer for Dominion Exploration Canada. Prior to 2003, he held various team leading roles at Enerplus Resources, Petrovera Resources and PanCanadian Energy.

Mr. Carlson is a Professional Engineer and a member of the Association of Professional Engineers & Geoscientists of Alberta, the Society of Petroleum Engineers, the Canadian Heavy Oil Association, the Canadian Society for Unconventional Resources, and Cogen Canada.

The appointments of Mr. McDougall and Mr. Carlson follow the resignation of Mr. Andrew Bowering as Chief Executive Officer and President. Mr. Bowering will remain a director of the Company. Paul DiPasquale has also agreed to step down as a director. Redhill thanks Mr. DiPasquale for his contributions to date.

Graham Harris, Chairman of the Board, comments "This is the first step in building out our oil and gas management team. Jamie and Paul have a successful track record working together and we look forward to working with them to build on opportunities we have identified in the oil and gas sector."

The Company would also like to report the granting, subject to regulatory acceptance, of 1,330,000 incentive stock options to certain officers, directors, consultants and employees of the Company (the "Options"). The Options have a term of 5 years and are exercisable at a price of $0.40 per common share.

Redhill Resources Corp. is listed on the TSX Venture Exchange, has $6.5 million in cash and marketable securities and a 2.5% gross overriding royalty on seven sections of land in the Peace River Montney oil region of Alberta. There are currently 18,607,395 shares outstanding.

On behalf of the Board of Directors,

REDHILL RESOURCES CORP.

Graham Harris, Chairman

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"This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements."

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