|Mon Jun 25, 2012|
Oracle Energy Restructures Management Team and Board of Directors, Issues Incentive Stock Options
|Vancouver, British Columbia June 25, 2012 --- Oracle Energy Corp. ("the Company" or "Oracle Energy" or "Oracle") (TSX.V: OEC) (Frankfurt: O2E) is pleased to announce the restructuring of its Management Team and Board of Directors. |
Oracle Energy announced the following changes and additions effective immediately (subject to TSX.V approval):
Nasim Tyab, formerly President of the Company, is appointed Chairman of the Board and CEO. Mr. Tyab has more than 15 years' experience in corporate development, finance, strategic planning and in the Canadian capital markets. He has been a Director of Oracle Energy since 2000.
Art Green, formerly the Company's Chief Operating Officer, is appointed President. Mr. Green has over 35 years' industry experience including international executive assignments with Mobil and ExxonMobil in Indonesia and West Africa, and with Hess in Russia. He has successfully led many large scale exploration, development and production teams. He has been a Director of Oracle Energy since 2008.
Desmond Norris is Oracle Energy's Vice President of Exploration. Mr. Norris is a proven oil finder whose 36 year career includes 24 years with Talisman Energy working on basins in Indonesia, Australia, PNG, New Zealand, South America, Oman, Algeria and Trinidad and Tobago. His last position with Talisman was as VP Exploration Technology and Geoscience. He has been an Officer of Oracle Energy since 2011.
Peter Francis joins the company as a Director and VP Business Development. Mr. Francis has more than 35 years in the industry and has lived and worked in the US, Europe and Africa. He has held executive Treasury and Government Relations positions with Mobil, ExxonMobil and Shell. He was instrumental in raising funding for the NNPC/Mobil $1 billion Oso field development in Nigeria and guided Mobil's business entry strategies in Russia, Kazakhstan, Azerbaijan and Turkmenistan.
Martin Yeo joins the company as Chief Financial Officer. Mr. Yeo has more than 27 years' experience in the oil and gas industry. He has held senior Finance and Administration roles with Mobil and ExxonMobil in Canada, Turkey, Indonesia, USA, Nigeria and Equatorial Guinea. He played major roles in government negotiations in both West African assignments.
Loren Currie, formerly the Chief Financial Officer, is appointed Corporate Secretary. Mr. Currie has been involved in the Canadian public market for 26 years and is a Director and/or officer of two other Canadian public companies. He has been a Director of Oracle Energy since 2004.
Mr. James Ladner of Zurich, Switzerland and Mr. Robert McTavish of the UK remain as independent Directors.
"The restructuring of our management team is a key milestone as we move into the next stage of the evolution of Oracle Energy," said Nasim Tyab, Chairman and CEO. "We are assembling a world class team of professionals committed to building a focused, rapidly growing, international, E&P Company."
Coincident with these changes the Company has, subject to TSXV approval, granted 2,650,000 stock options to Directors and Management. The options have an exercise price of $0.12 and a term of 5 years.
Oracle Energy Corp. (TSX.V: OEC) (Frankfurt: O2E) explores and develops oil and gas properties. The Company has agreed to sell its interests in its only oil and gas asset in Romania and seeks to acquire additional international projects in the future.
ON BEHALF OF THE BOARD
Chairman and CEO
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.