CALGARY, ALBERTA–(Marketwired – April 22, 2015) – Mapan Energy Ltd. (“Mapan” or the “Company“) (TSX VENTURE:MPG) is pleased to announce the appointment of Brian Prokop, Managing Director, Capital Markets at Integral Capital Markets and Chairman and CEO of Echelon Foods, as an additional independent director of the Company effective immediately.
Mr. Prokop brings over 30 years of industry experience to the Board, including as Chief Executive Officer of Argent Energy Trust from 2011 to 2014; Vice President, Capital Markets of Daylight Energy Ltd. from 2010 to 2011; and Director, Institutional Equity Sales at National Bank Financial from 2007 to 2010. Mr. Prokop is a Professional Engineer and Chartered Financial Analyst and has also previously held executive, technical and/or financial roles with Canaccord Capital Corporation, Peters & Co. Limited, Talisman Energy and Shell Canada.
Upon Mr. Prokop’s appointment, Wilf Gobert, the Chairman of the Board of Mapan said, “Brian’s 30 years of broad operational and financial experience across all facets of the oil and gas industry will add valuable perspective to our Board of Directors. We appreciate his willingness to serve as a director and look forward to benefitting from his judgment and counsel.”
Mapan also announces that it has set June 25, 2015 as the date for its annual and special meeting of shareholders. In addition to the annual business to be conducted at the meeting, it is expected that shareholders will be asked to pass a special resolution approving a reduction in the stated capital of the Company. This will provide Mapan greater flexibility to buy back some of its outstanding common shares pursuant to a normal course issuer bid that the Company intends to proceed with subject to shareholders approving the reduction in the stated capital and the receipt of customary stock exchange approval. Further details in respect of the business to be conducted at the annual and special meeting, including the proposed reduction of stated capital, will be set forth in the information circular to be sent to shareholders in respect of the meeting and which will be available under the Company’s profile on SEDAR at www.sedar.com.
Mapan owns production, lands and P&NG rights in two areas of the Alberta and British Columbia Deep Basin comprised of 200,000 gross acres (159,000 net acres) of which approximately 119,000 net acres are undeveloped lands. Mapan commenced trading on the TSX-V under the symbol “MPG” on September 10, 2014.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Mapan Energy Ltd.
Richard A. Walls
President & CEO
Mapan Energy Ltd.
Chief Financial Officer