Sagres Energy Inc.

May 26, 2011 09:00 ET

Sagres Announces New Senior Management Team

CALGARY, ALBERTA--(Marketwire - May 26, 2011) - Sagres Energy Inc. ("Sagres" or the "Company") (TSX VENTURE:SGI) is pleased to announce the appointment of its new senior management team led by Mr. Gary Wine as President and Chief Executive Officer and a director of Sagres and including Mr. Darren Moulds, Chief Financial Officer, Mr. Bob Petryk, Vice President, Operations, Mr. Daniel Bruno, Vice President, Corporate Development and Mr. Jaime Lalinde, Colombia Country Representative.

New senior management team

The new management team brings to Sagres significant financial and oil & gas exploration and development experience with a track record of demonstrated success in the international energy sector.

Gary Wine, Director, President and Chief Executive Officer. Mr. Wine is a geologist who has over 35 years in the oil exploration business and has been directly responsible for numerous oil and gas discoveries throughout his career. Most recently he was President and COO of Petrolifera Petroleum Limited whom he helped found, and presided in his position of President until the company was sold in March, 2011. Gary has extensive experience in the Latin American sub-continent specifically in Colombia, Peru and Argentina where the company is expected to evaluate and pursue opportunities.

Darren Moulds, Chief Financial Officer. Mr. Moulds is a Certified Public Accountant (IL) with over 11 years of international petroleum industry financial and tax experience. He is concurrently the Chief Financial Officer with the Forbes Energy Group of Companies. Previously, Darren has held management positions in various financial capacities including the CFO of Africa Oil Corp. and the Financial Controller of Upstream Operations of Centurion Energy International Inc. (Dana Gas). Mr. Moulds holds a Bachelor of Commerce degree from the University of Saskatchewan and obtained his CPA designation with PricewaterhouseCoopers LLP.

Bob Petryk, Vice President, Operations. Mr. Petryk is a Professional Engineer with over 30 years of technical, operational and managerial experience in the oil and gas industry, both in Canada and abroad in both the upstream E&P sector as well as the oilfield service sector. Previously he has held senior management positions with Bankers Petroleum Ltd., as General Director of its subsidiary in Albania and prior thereto as Vice President, Operations.

Daniel Bruno, Vice President, Corporate Development. Mr. Bruno is a Chartered Financial Analyst with over 15 years of investment experience. He is a consultant and director to several natural resource companies with a focus in South America. He commenced his career with the Ontario Teachers Plan Board, and then transitioned to investment banking where most of his career was with GMP Securities Ltd as a Director in the Investment Banking group, and then as a Managing Director in Investment Banking for a US based investment bank. Mr. Bruno holds an M.B.A from the Schulich School of Business at York University.

Jaime Lalinde, Colombia Country Representative. Mr. Lalinde has over 25 years of investment banking experience most of which has been focused in the natural resource sector. Previously he spent the last 18 years at Citibank and JP Morgan Chase in New York, Miami, Mexico and the Dominican Republic. He was the founder and managing director of KLB Capital, servicing clients in both the mining and energy sector. Jaime was also the President of La Esperanza Mining Company which has interests in coal, zircon and gold in Colombia. He has a high level of expertise in the valuation, and negotiation of natural resources in Colombia, and an extensive business network.

On behalf of the board of directors, Mr. Ahmed Said, commented "We are very pleased to announce the new management appointments. Their combined successful track record is an important step for positioning Sagres for a new phase of growth. Various acquisition and farm-in opportunities in Latin America are currently being evaluated, which should add significant shareholder value."

In connection with the appointments, Sagres also announced that it has granted 3,800,000 stock options to its directors and officers. The options have an exercise price of $0.13 per share, vest in equal instalments on the first, second and third anniversaries of grant and expire five years from the date of grant.

Corporate strategy

Utilizing the strength of its new management team, Sagres will be pursuing a much more aggressive program in Latin America focusing primarily in Colombia and Peru. The Company currently has two blocks in Colombia and will be growing its land position there through acquisitions and/or farm-ins. Peru will be a new country entry for Sagres where it is presently evaluating several opportunities which could lead to a potential acquisition. Meanwhile the Company will continue to look for joint venture partners on its Jamaica holdings and evaluate its strategy going forward in Guyana after a full evaluation of its recently drilled well, the Apoteri K-2 well on the Takutu Block.

Sagres also announces that Dr. David Johnson is no longer an officer of the Company and has resigned as a director. The Company would like to thank Dr. Johnson for his contributions. In addition, Jason Bednar has stepped down as the Chief Financial Officer but will continue with the Company as a director. Following these management changes, the board of directors of Sagres will be constituted with Messrs. Stan Bharti (Chairman), Gary Wine, Ahmed Said, and Jason Bednar.

The appointments of Messrs. Wine, Moulds, Petryk and Bruno are subject to the approval of the TSX Venture Exchange.

About Sagres

Sagres Energy Inc. is a Canadian based international oil and gas exploration company with an exploration portfolio in Colombia, Guyana and Jamaica. The common shares of Sagres are listed for trading on the TSX Venture Exchange under the symbol "SGI".

Forward-looking information

This news release contains forward-looking information relating to the Company's growth and corporate strategy, and other statements that are not historical facts. Forward-looking information relates to management's future outlook and anticipated events or results, and may include statements or information regarding the future plans or prospects of the Company.

Forward-looking information is based on certain factors and assumptions regarding, among other things, the impact of increasing competition; the general stability of the economic and political environments in which the Company operates; the timely receipt of any required regulatory approvals; the ability of the Company to obtain qualified staff, equipment and services in a timely and cost efficient manner; drilling results; the ability of the operator of the projects which the Company has an interest in to operate the field in a safe, efficient and effective manner; the ability of the Company to obtain financing on acceptable terms; field production rates and decline rates; the ability to replace and expand oil and natural gas reserves through acquisition, development of exploration; the timing and costs of pipeline, storage and facility construction and expansion and the ability of the Company to secure adequate product transportation; future oil and natural gas prices; currency, exchange and interest rates; the regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which the Company operates; and the ability of the Company to successfully market its oil and natural gas products, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking-information is subject to certain factors, including risks and uncertainties that could cause actual results to differ materially from what is currently expected. These factors include risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, incorrect assessment of the value of acquisitions, the inability to settle the definitive terms of the Company's joint venture arrangements, failure to realize the anticipated benefits of acquisitions, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, reliance on key personnel, regulatory risks and delays, including risks relating to the acquisition of necessary licenses and permits, environmental risks and insurance risks.

The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, Sagres disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, Sagres undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Sagres Energy Inc.
    Gary Wine
    President & CEO
    (403) 441-1129

    Sagres Energy Inc.
    Daniel Bruno
    Vice President, Corporate Development
    (416) 861-5935