Westcore Energy Ltd.

Westcore Energy Ltd.

July 12, 2011 15:06 ET

Westcore Announces Appointment of New Director and Chief Operating Officer, New Corporate Secretary, Option Grant

CALGARY, ALBERTA--(Marketwire - July 12, 2011) - WESTCORE ENERGY LTD. (TSX VENTURE:WTR) (the "Corporation" or "Westcore") is pleased to announce the appointment of Mr. Shane W. Shircliff of Saskatoon, Saskatchewan as a Director and as Chief Operating Officer of Westcore, effective July 15, 2011.

Mr. Shircliff is the founder of Clinworth Management Corp. and serves as its Chief Executive Officer and President. Clinworth Management services the junior resource industry with focus on management and corporate development. Mr. Shircliff is currently a director of Kenna Capital Corporation (MMG.P: TSX.V). Mr. Shircliff was most recently employed with Cameco Corporation as Director of Corporate Development and Power Generation, where he was responsible for growing the company's uranium business through merger and acquisition activities and led project teams on deals valued at over $1.0 billion. Since 1998, Mr. Shircliff has held increasingly senior roles within Cameco's marketing and corporate development groups. Before joining Cameco, Mr. Shircliff was a commercial account manager with the Hong Kong Bank of Canada. Mr. Shircliff has a Bachelor of Commerce degree with majors in Finance and Economics as well as an MBA from the University of Saskatchewan.

Paul Conroy, President and CEO of Westcore, stated "We are most fortunate to have someone with Shane's proven background and expertise join our Company. Shane's appointment ensures that the Company continues to have a strong management team focused on our long term goals and objectives and we are excited about moving forward with Shane as an integral part of the Westcore team".

Westcore is also pleased to announce the appointment of Mr. Paul Bolger as the Corporate Secretary of the Corporation. Paul Bolger is a partner with Tingle Merrett LLP, a Calgary-based corporate and securities law boutique firm, with a practice focused on corporate securities, corporate finance and commercial transactions involving emerging, growth and mid-capitalization companies. Mr. Bolger has extensive experience acting for public and private companies in a range of matters including equity and debt financings, public and private corporate acquisitions and business combinations, continuous disclosure obligations, share and asset acquisitions and dispositions, corporate restructurings, amalgamations, reorganizations and other business transactions.

Westcore also announces the grant of an aggregate of 1,200,000 options to acquire common shares in the capital of Westcore at a price of $0.55. Such options (and the common shares issuable upon exercise) are exercisable for a period of 5 years from the date of grant and will be subject to applicable securities law hold periods.

Reader Advisory

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful. The securities offered will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is 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. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.

Forward-looking information is 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 anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada, the United States and globally; industry conditions, governmental regulation, including environmental regulation; unanticipated operating events or performance; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; competition for, among other things, capital, skilled personnel and supplies; changes in tax laws; and the other risk factors disclosed under our profile on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.

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Contact Information

  • Westcore Energy Ltd.
    Paul Conroy
    President and Chief Executive Officer
    (403) 237-6122