CALBARY, ALBERTA–(Marketwired – Oct. 9, 2014) – CaiTerra International Energy Corporation (TSX VENTURE:CTI) (the “Company”) announces that Mr. Colin Outtrim, P.Eng, lCD.D, and Mr. Rick Pawluk have joined the board of directors of the Company.
Mr. Outtrim, P.Eng, has over 40 years of experience in the oil and gas industry in Canada and in 35 countries around the world and has most recently served as Senior Technical Advisor for DeGolyer and MacNaughton Canada, after having served in the role of President and Director for DeGolyer and MacNaughton Canada. During 2011 to 2013, Mr. Outtrim also served on the United Nations Expert Committee on reserve and resource definitions. Mr. Outtrim is currently serving on the board of one other corporation and one not-for-profit board.
Mr. Pawluk is a senior partner at the Calgary office of McCarthy Tétrault LLP. Mr. Pawluk has over 20 years of experience in corporate and securities law as well as public and private mergers, acquisitions and disposition transactions. Mr. Pawluk has served as an officer and director of a number of public and private domestic and international energy companies. He is a member of the Law Society of Alberta, the Canadian Bar Association and the Institute of Corporate Directors.
In addition, the Company announces the resignation of Mr. Grossholz from the board of directors of the Company. Management and the board would like to extend their thanks to Mr. Grossholz for his many contributions in the development and to the management of the Company over the past years.
The Company also announces the grant of an aggregate of 880,000 stock options to certain directors, officers, employees and consultants of the Company pursuant to its stock option plan. The stock options vest over a period of two years and are exercisable for a period of five years at a price of $0.20 per common share of the Company.
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.
Chief Executive Officer