Calgary, Alberta – Paleo Resources, Inc. (“Paleo” or the “Corporation”) (TSXV:PRE) is pleased to announce the following updates.
Appointment of New Chief Financial Officer & Comptroller
Matthew P. Milligan has been appointed by Paleo’s directors to serve as the Chief Financial Officer and Controller of the Corporation. Matt obtained both his Bachelors and Masters in Accounting from Trinity University in San Antonio. He started his career at KPMG as a public auditor focused primarily on the Financial Service and Governmental sectors. After five years at KPMG, Matt worked first as the Controller and eventually as the CFO for an investment firm, providing investments in tangible assets ranging from oil and gas, pipelines, water rights, and real estate. After six years with the investment firm, Matt moved to a traditional oil and gas operator and driller where he served as CFO for over nine years and handled all financial aspects of the operation. Matt is a licensed Certified Public Accountant (CPA) in the State of Texas and was the 217th person to obtain the full Accredited Petroleum Accountant (APA-COPAS) certification. As he is both a CPA and APA, Matt has also worked as an expert or fact witness in numerous litigation matters.
Ngan Kim Vo has resigned as Chief Financial Officer of Paleo to focus her efforts on the private oil and gas sector. Paleo would like to thank Ms. Vo for her years of service and dedication to the Corporation, and wishes her the best in her future endeavors.
Paleo Joffre Asset Update
Paleo sold an undivided 5% working interest in its Joffre lease to EnergyFunders Yield Fund I GP LLC for $400,000 USD, effective as of December 1, 2021 (the “Joffre Sale”). The Joffre Sale is an arm’s length transaction. Proceeds from the Joffre Sale will be used for general corporate purposes and to complete the installation of the Joffre lease production facilities, including gas flare, flare knock out, safety systems, and artificial lift installation on both the Joffre 103/9-22 and 1D0/15-22 wells. Continuous commercial production from the Joffre lease is expected to begin in March 2022.
Paleo is pleased to report that its indirect US subsidiary EnergyFunders LLC has launched two new funds: the Bitcoin Discovery Fund I LLC, which will exclusively invest in bitcoin mining projects, and the Wildcat Pioneer Fund I LLC, which will invest in higher risk, higher reward oil and gas drilling projects, primarily targeting drilling opportunities associated with unproven reserves and prospective (undiscovered) resources, also known as wildcat wells.
EnergyFunders does not own an equity interest in either the Wildcat Pioneer or Bitcoin Discovery fund but will earn a fund origination fee that ranges from one percent (1%) to three percent (3%) of the investment amount, an annual fee of two percent (2%) of the assets under management, and a reversionary twenty percent (20%) revenue interest once fund investors recover their initial investment plus a fifteen percent (15%) internal rate of return.
Each new fund is targeting a US$10 million capital raise. Both entities commenced their capital campaigns on January 25th, 2022, and are currently accepting investor capital. For more information, please visit the EnergyFunders website at www.EnergyFunders.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Paleo Resources, Inc. is an oil and natural gas and mineral exploration company headquartered in Calgary, Alberta, with executive offices in San Antonio, Texas. The Corporation’s common shares are listed on the TSX Venture Exchange under the trading symbol “PRE” and on the OTCQB as “PRIEF”.