Sahara Energy Ltd.
TSX VENTURE : SAH

Sahara Energy Ltd.

February 18, 2011 17:53 ET

Sahara Announces Amendment to Stock Option Plan, Issuance of Stock Options and Changes to Board of Directors

CALGARY, ALBERTA--(Marketwire - Feb. 18, 2011) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

Sahara Energy Ltd. (TSX VENTURE:SAH) ("Sahara" or the "Corporation") wishes to announce that it has amended and restated (subject to regulatory approval) its current stock option plan (the "Current Option Plan"), issued stock options to certain officers, directors and employees of the Corporation in accordance with the amended and restated stock option plan (the "New Option Plan") and undertaken a change in directors.

New Option Plan

The Corporation announces that it has amended and restated its Current Option Plan, dated May 15, 2006, authorizing the issuance of up to 2,423,200 options to purchase common shares ("Common Shares") of the Corporation. The New Option Plan provides for the grant of options representing up to 10% of the issued and outstanding Common Shares on a "rolling" basis.

Final approval of the New Option Plan is subject to regulatory and shareholder approval, including the approval of the TSX Venture Exchange (the "TSXV").

Issuance of Stock Options

The Corporation is pleased to announce it has granted (subject to any required shareholder and TSXV approvals) an aggregate of 6,400,000 options ("Options") under the New Option Plan to certain officers, directors, employees and consultants of the Corporation, which Options are exercisable for 6,400,000 Common Shares of the Corporation at a price of $0.21 per Common Share, vesting over a two year period in accordance with the New Option Plan. Pursuant to the New Option Plan, the Options granted will not be exercisable until receipt of all necessary shareholder and TSXV approvals.

Changes to the Board of Directors

The Corporation is pleased to announce the appointment of Dr. Gang Fang (subject to regulatory approval) as director of the Corporation.

Dr. Fang is currently the Chief Executive Officer and a director of Anterra Energy Inc. and the President of Great United Petroleum Holding Co., Ltd., a private Chinese oil and gas company. Dr. Fang has approximately 20 years of international business experience in the petroleum, gas and liquefied petroleum gas industries. Dr. Fang has a Bachelor of Science Degree in Numerical Mathematics and a Masters of Science Degree in Applied Mathematics, each from Xi'an Jiaotong University (Xi'an, China). Dr. Fang also has a Ph.D. of Science in Coding Theory from Eindhoven University of Technology (Holland).

The Corporation also announces the resignation of Mr. Quentin Enns from the board of directors. The Corporation would like to thank Mr. Enns for his contributions to the Corporation and wish him well in his future endeavours.

Forward Looking Information and Statements

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Sahara, including, but not limited to the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with oil and gas activities, currency fluctuations, dependence upon regulatory approvals, the availability of future financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Sahara does not undertake any obligation to publicly update or revise any forward-looking statements contained herein, except as required by applicable laws.

Neither 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.

Contact Information

  • Sahara Energy Ltd.
    Peter J. Boswell
    Chief Executive Officer
    (403) 232-1359
    (403) 232-1307 (FAX)
    pete@saharaenergy.ca