Solimar Energy Limited

Solimar Energy Limited

August 02, 2012 09:00 ET

Solimar Strengthens and Restructures Board

MELBOURNE, AUSTRALIA--(Marketwire - Aug. 2, 2012) -


Solimar Energy Limited (ASX:SGY)(TSX VENTURE:SXS) is pleased to announce the appointment of two new Directors to the Board, Messrs Will Satterfield (executive) and Ryan Dunfield (non executive).

Mr Satterfield is Solimar's current Chief Operating Officer (COO) based at the Company's operations office in Ventura, California and is assuming the position of Chief Executive Officer (CEO) as part of a succession plan that was anticipated prior to his commencing with the Company in January, 2012.

Mr Satterfield has a geoscience background and is expert in the exploitation of oil and gas in California having held senior technical positions with Occidental Petroleum (OXY) one of the most aggressively expansionist major oil companies operating in the San Joaquin Basin where all Solimar's oil and gas assets are located. Prior to joining Solimar in January Mr Satterfield was the Country Manager for UK listed Hardy Oil PLC's oil and gas production business in India. Mr Satterfield has since been responsible for the execution of Solimar's business plans and field operations in California. The Company is currently participating in the production testing of three wells at its Paloma oil and gas discovery project and with a workover rig now contracted, will be commencing first phase production testing at its 100% owned Kreyenhagen oil field project within the next week.

Mr John Begg, while resident in Western Australia, has driven the expansion of the Company's business in California and will remain on the Board as a non executive Director and will assist Mr Satterfield with a transition into the new role. Mr Begg's revised focus will be directed toward strengthening the ongoing promotion of the Company and on business development initiatives.

Mr Ryan Dunfield has also been appointed to the Board representing new platform shareholders Second City Capital Partners and affiliated Gibralt Capital Corporation of Vancouver, Canada. Mr Dunfield has an economics and finance background and brings to the Board in particular skills in portfolio acquisition and divestiture and financing in the resource sector. He will initially join the Audit Committee and is expected to be actively involved in developing future financing strategies for the growth of the Company.

Commenting on the Board changes, Solimar Chairman Mr Frank Petruzzelli said;

"Solimar is entering an exciting phase of production testing its oil discoveries in California and with success in these programs converting to a company with substantial oil production. The Board has decided that efficiency can be gained by moving to centralise management near to the asset base while servicing the two investor bases in Australia and North America that support the Company. The Board is very appreciative of the role outgoing CEO John Begg has played in building the opportunity set the Company now enjoys and believes this planned restructure will not only introduce fresh personnel but allow best deployment of the strong skill sets the entire Board can offer to the Company."

Frank Petruzzelli, Chairman

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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