|Tue May 27, 2014|
Oracle Energy Corp Announces New Executive Chairman
|Vancouver May 27, 2014 - the Board of Directors of Oracle Energy Corp is pleased to announce that Mr. Darrell McKenna has been named as Executive Chairman of the Corporation. Darrell has executive E&P experience with Mobil, Schlumberger, Hess and most recently Kosmos Energy.|
Darrell has 34 years of experience in the oil and gas industry in various engineering and leadership roles. Darrell's most recent role was Chief Operating Officer of Kosmos Energy, responsible for the overall success of Kosmos in Ghana and for creating, planning, implementing, and integrating the strategic direction of the organization as well as managing Developments, Production, Strategic Planning, Business Development, HSES, Technical Operations, and ongoing interface with the BOD committees.
Before joining Kosmos Energy, Darrell held a number of senior leadership posts at Hess. As President of Hess Australia he was responsible for Exploration and Developing of all assets in Australia. Darrell managed worldwide engineering, drilling & completion operations in VP positions at Hess and Mobil. He has extensive experience in production, field development and redevelopment, production enhancement and optimization in both onshore and offshore assets. He has spent the majority of his career in international locations, with an emphasis on African projects.
Darrell's major projects are; Ubit redevelopment in Nigeria where production was increased from 30 to 130 thousand barrels per day, Arun ongoing development in Indonesia, the Ceiba and the Okume Complex in Equatorial Guinea producing approximately 125 tbd, and most recently the Jubilee and TEN projects in Ghana where Jubilee produces 110 tbd and the TEN fields are scheduled to produce 80 tbd in 2016. Darrell holds a B.Sc.(Honors) Petroleum Engineering from the Montana School of Mineral Science and Technology, Butte, Montana.
In addition Oracle is pleased to announce the addition of Mr. Alan Sendzul to the Oracle Team as Chief Investment Officer. Alan is a dedicated commodity finance executive with over 20 years experience providing financial solutions and analytical services to natural resource and financial clients throughout Canada, the UK and Africa. Alan has an in depth knowledge of financing acquisitions and divestitures and business analyses of metals, minerals and the oil and gas sectors. He has a strong background in economics of exploration, production and distribution cycles, financial and technical reporting procedures, compliance and macroeconomic forecasting. He has been successful in raising significant finance for African oil and gas transactions. He is currently the Principal of IGNEUS Advisors Limited and a former Director of COFII SL. He holds a Bachelor of Commerce (Honors) in International Economics, Macroeconomics, Resource Economics from the University of South Africa (UNISA).
Mr. Nasim Tyab has stepped down from the Chairman role and will remain as Director. Oracle is very grateful for Mr. Tyab's leadership. In addition to his Board of Directors responsibility Mr. Tyab will remain actively involved in an advisory role.
Dr. Robert McTavish has resigned from his position as Director. Oracle would like to thank Robert for his contributions to the Company..
Mr. Peter Francis commented that the Oracle Management Team and Board of Directors now includes six professionals with very successful on the ground E&P experience in West Africa and four members with successful Nigerian project finance experience.
The Board believes that the appointment of Mr. McKenna and Mr. Sendzul along with the recently announced appointments of Mr. Peter Francis to CEO and Ambassador Howard Jeter and Mr. Cyril Odu to the Board of Directors places Oracle in strong position to participate in Nigerian development and producing asset acquisitions as well as other West African opportunities.
About Oracle Energy Corp.
Oracle Energy Corp. (TSX.V: OEC) (Frankfurt: O2E) is an international oil and gas exploration and development company with near term focus on development of Nigeria's huge oil and gas resources. Oracle has two indigenous partners in Nigeria, Bolad Energy and Greenacres Energy and is well positioned to participate in the current Nigerian Marginal Field Round and in acquisition of assets in the continuing International Oil Company asset divestment processes.
For more information on Oracle Energy visit www.OracleEnergy.com
ON BEHALF OF THE BOARD
Oracle Energy Corp.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. Forward-looking statements in this release are made pursuant to the 'safe harbour' provisions of the Private Securities Litigation Reform act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties.
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