Solimar Energy Limited

Solimar Energy Limited

June 03, 2013 05:45 ET

Solimar Energy Limited: Appointment of Committee to Manage Operations

MELBOURNE, AUSTRALIA--(Marketwired - June 3, 2013) -


The Board of Solimar Energy Limited (ASX:SGY)(TSX VENTURE:SXS) ("Solimar" or "the Company") has been advised by the current Chief Executive Officer (CEO), Mr Will Satterfield, that for personal reasons he has regretfully decided to step down as CEO of the Company. Mr Satterfield will however continue an involvement with the Company by remaining on the Board as a non-executive director.

The Board will in the interim be appointing an executive committee to oversee the operations of the Company. The Committee will be headed up by Mr Jason Bednar who has a strong background in the management of oil and gas companies including Pan Orient Energy Corp, Canadian 88 Energy Corp and and is currently CFO and a director of MENA Hydrocarbons Inc.

Mr Bednar and the committee will also be supported by the team in Ventura and in particular Mr Donn Pedersen who will manage the operations. Mr Pedersen has been consulting with the Company for the past two years and in that time has worked closely with Will Satterfield and the previous CEO, John Begg.

The Board and Mr Satterfield have agreed that he will assist Mr Jason Bednar and the committee as they assume management of the Company.

The Board remain committed to the Company's projects and believe that for the interim the executive committee with assistance from the operations team will prove effective in managing the Company.

Frank Petruzzelli
Solimar Energy Limited

This press release contains certain forward-looking statements within the meaning of applicable securities law. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur, including without limitation statements relating to intended testing, work programs, financing and associated timelines. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Solimar Energy Limited cannot assure that actual results will be consistent with these forward-looking statements. They are made as of the date hereof and are subject to change and Solimar Energy Limited assumes no obligation to revise or update them to reflect new circumstances, except as required by law. Prospective investors should not place undue reliance on forward-looking statements. These factors include the inherent risks involved in the exploration for and development of crude oil and natural gas properties, the uncertainties involved in interpreting drilling results and other geological and geophysical data, fluctuating energy prices, the possibility of cost overruns or unanticipated costs or delays and other uncertainties associated with the oil and gas industry. There is no assurance that the Offering will be completed.

ABN 42 112 256 649

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.

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