CALGARY, ALBERTA–(Marketwired – Feb. 26, 2015) – Arcan Resources Ltd. (TSX VENTURE:ARN) (“Arcan” or the “Company“) announces the appointment of Mr. Lorie Waisberg and Mr. Henry Cohen to the Board of Directors of the Company, and the appointment of Mr. Waisberg as Chairman of the Board of Directors. The anticipated appointment of Messrs. Waisberg and Cohen to the Board was announced previously in connection with the recent transaction pursuant to which all of Arcan’s outstanding convertible debentures were exchanged for common shares. Their appointments coincided with the resignations of Michael Laffin and Robert Dales as directors.
Mr. Waisberg holds law degrees from the University of Toronto and Harvard University and had a distinguished 30 year career as a business law partner of Goodmans LLP in Toronto. This was followed by direct business experience as Executive Vice President, Finance and Administration of steel producer Co-Steel Inc. prior to retirement. Mr. Waisberg has served on the boards of directors of numerous Canadian public companies. He currently serves as a trustee and chair of Chemtrade Logistics Income Fund and a director of Tembec Inc. and Scorpio Mining Corporation.
Mr. Cohen is President and Chief Executive Officer of Full Cycle Energy Investment Management Limited, an energy-focused investment counsellor, which he formed in 2003. In 2010, Mr. Cohen formed Skope Energy Inc., a counter-cyclical publicly-traded natural gas producer. In 2013, he founded Bow River Energy Ltd., a private operating oil and gas company. Mr. Cohen’s prior experience also includes almost 25 years as a top-ranked investment analyst.
Doug Penner, Terry McCoy and Murray Hinz will continue on as directors of the Company.
Arcan thanks Mr. Laffin and Mr. Dales for their long service to the Company and wishes them the best in their future endeavors.
Operationally, Arcan finalized the drilling of its 4 (3.0 net) well winter program in December 2014. Two (1.0 net) wells were completed by the end of 2014, with the third well completed on January 8, 2015 and the fourth well completed on February 4, 2015. All of the four wells are now on production. Arcan currently anticipates resuming its drilling program during October of 2015, dependent on market conditions at that time.
Arcan Resources Ltd.
Arcan Resources Ltd. is an Alberta, Canada corporation that is principally engaged in the exploration, development and acquisition of petroleum and natural gas located in the Western Canada Sedimentary Basin. Additional information about the Company, including the Company’s annual information form for the year ended December 31, 2013, is available under Arcan’s profile on SEDAR at www.sedar.com.
This document contains forward-looking information within the meaning of applicable securities laws. The use of any of the words “will”, “anticipates”, “expects” and similar expressions are intended to identify forward looking information. More particularly, this press release contains forward-looking information concerning the Company’s plans to resume its drilling program in October 2015.
Forward-looking information is based on certain key expectations and assumptions made by Arcan, including expectations and assumptions concerning market conditions in the oil and gas industry later in 2015, commodity prices, the availability of capital to fund the Company’s drilling program, the ability of the Company to obtain and retain necessary drilling services and personnel, and the ability of the Company to obtain all necessary regulatory approvals. Although Arcan believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Arcan can give no assurance that they will prove to be correct.
Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These risks include, but are not limited to: the risk that commodity prices will not be high enough to justify the expense of recommencing the Company’s drilling program, the risk that the Company may not have sufficient cash or credit to fund its drilling program, the risk that the Company will not be able to obtain drilling services on terms acceptable or at all, risks that regulatory changes may affect the Company’s ability to proceed with its drilling program, and certain other risks detailed from time to time in Arcan’s public disclosure documents including, without limitation, those risks identified in this press release, and in Arcan’s annual information form, copies of which are available under Arcan’s profile on SEDAR at www.sedar.com.
The forward-looking statements contained in this press release are made as of the date hereof and Arcan undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
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.
Arcan Resources Ltd.
Chief Executive Officer
Arcan Resources Ltd.