Greenfields Announces Executive Retirement and Issuance of Shares for Employee Severance Payments
Greenfields Petroleum Corporation Announces Retirement of Chief Operating Officer and Issuance of Shares in Satisfaction of Employee Severance Payments
HOUSTON, TEXAS--(Marketwired - June 28, 2013) -
NOT FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.
Greenfields Petroleum Corporation (TSX VENTURE:GNF)(TSX VENTURE:GNF.DB) (the "Company" or "Greenfields") announces today that Richard E. MacDougal will be retiring effective June 30, 2013 as Chief Operating Officer of Greenfields. Mr. MacDougal will, however, remain on the Board of Directors of the Company. Norman Benson, currently Senior Vice President - Operations, will be assuming the role of Chief Operating Officer of Greenfields effective July 1, 2013.
John W. Harkins, Chief Executive Officer of Greenfields, stated, "Rich has made significant contributions to the Company over the past five years. As a co-founder of the Company, together with Alex Warmath, he has led the effort to capture our Bahar project in Azerbaijan, which is the growth vehicle for the Company in the coming years. Also, together with Norman Benson, he has been instrumental in starting drilling and recompletion operations which are having a very positive impact on our oil and gas production growth. We wish Rich continued success in his other future ventures and we will continue to look forward to his guidance and advice on the Board."
Greenfields further announces that it has issued an aggregate of 126,371 common shares ("Common Shares") of Greenfields to Mr. MacDougal and certain former non-executive employees of Greenfields in satisfaction of net severance payments in the aggregate amount of US$384,693 (CDN$404,386), owed to such individuals. The deemed price per Common Share issued pursuant to these transactions is CDN$3.20, being the closing price of the Common Shares on the TSX Venture Exchange on June 28, 2013.
The Company received conditional acceptance of the TSX Venture Exchange with respect to such issuances on June 26, 2013. The Common Shares issuable to Mr. MacDougal are subject to a four-month-plus-one-day hold period from the date of issuance.
About Greenfields Petroleum Corporation
Greenfields is a junior oil and natural gas corporation focused on the development and production of proven oil and gas reserves principally in the Republic of Azerbaijan. The Company plans to expand its oil and gas assets through further farm-ins, and acquisitions of Production Sharing Agreements from foreign governments containing previously discovered but under-developed international oil and gas fields, also known as "greenfields". More information about the Company may be obtained on the Greenfields website at www.greenfields-petroleum.com.
Neither the 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.