Mr. Gregory Vavra, President & CEO reports
CALGARY, Nov. 10, 2015 /CNW/ – Raimount Energy Inc. (“Raimount” or the “Corporation”) is pleased to announce the appointment of Mr. Ken Mullen to its Board of Directors effective November 9, 2015. The Corporation is restricted to having four directors holding office on its Board of Directors. Mr. Greg Vavra voluntarily agreed to resign as a director in order to facilitate the appointment of Mr. Mullen to Raimount's Board of Directors. Mr. Vavra remains the President and CEO of Raimount. The Corporation intends to seek shareholder approval at its next shareholders meeting to expand the number of authorized directors on its board and intends to nominate Mr. Vavra for re-election as a director of the Corporation at that time.
Mr. Mullen is a director of several private and public oil and gas companies. He is a Chartered Professional Accountant (CPA) and a member of the Law Society of Alberta. He has also holds the ICD.D designation. He is a former President, CEO and Director of Savanna Energy Services Corp., having served in those capacities since the Company's inception in 2001 through January, 2015. Mr. Mullen has also been engaged as a consultant to the Company to advise management on the matters described in more detail below. Mr. Mullen's appointment as a director is subject to the requirements of TSX Venture Exchange Policy 3.1 – Directors, Officers, Other Insiders & Personnel and Corporate Governance.
Raimount has assembled a significant land position near Woolford, Alberta that management believes is analogous to two proximate light oil focused properties that are currently being exploited by other operators in southern Alberta. Management is currently planning an exploration and development program to exploit the resource potential of the Woolford area and is assessing other accretive joint- venture and acquisition opportunities for the Company. With no debt, and cash on hand, Raimount is well positioned to consider the various opportunities available to it at this time and will pursue the options that the board of directors believe will best serve to enhance shareholder value.
ADVISORY REGARDING FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements or information (collectively, “forward-looking statements”) within the meaning of applicable securities legislation. Forward-looking statements include, but are not limited to: the proposed expansion of the board to four members, the anticipated nomination of the Mr. Vavra as a director at the Corporation's next annual general meeting; the expected timing and extent of exploration and development by Raimount; anticipated sources and availability of financing; and the timing of any exploration or development programs or acquisitions by Raimount.
The forward-looking statements contained in this document are based on certain key expectations and assumptions made by Raimount, which include the ability of Raimount to raise sufficient funds for the exploration and development program, that its analysis of proximate light oil focussed properties will be reflected in its own land positions, and its attractiveness to other entities as a joint venture or business combination partner. Although Raimount's management considers these expectations and assumptions to be reasonable based on information currently available to it, undue reliance should not be placed on the forward-looking statements because Raimount can give no assurances that they may prove to be correct.
Readers are cautioned against unduly relying on forward-looking statements. By their nature, these statements involve numerous assumptions, risks and uncertainties which may cause these statements to not occur or results to differ materially from those expressed or implied by these statements, including, without limitation, the risks associated with the volatility of commodity price, competition, appetite for merger or acquisition activity, inability to access sufficient capital from internal and external sources; changes in legislation, including but not limited to income tax. Readers are cautioned that the foregoing list of factors is not exhaustive.
Although Raimount believes that the expectations represented by the forward-looking statements contained herein are reasonable, there can be no assurance that such expectations will prove to be correct. The forward-looking statements contained in this document are made as of the date of this document and, except as required by law, Raimount undertakes no obligation to update publicly or revise any forward-looking statements. The forward-looking statements contained in this document are expressly qualified by these cautionary statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Raimount Energy Inc.