PetroGlobe Inc. Announces Senior Management Appointments and Granting of Share Options
CALGARY, ALBERTA -- Clifford D. Johnson, Q.C., Chairman and Chief Executive Officer of PetroGlobe Inc. (TSX VENTURE: PGB), announced today the appointment of Jason James to the position of Chief Financial Officer as well as key senior management appointments in operations and engineering.
Mr. James is a chartered accountant with 13 years of experience in the oil and gas and agricultural nutrients industries and in audit and accounting services. As Chief Financial Officer, he will be responsible for all finance functions and will occupy a crucial role in the company’s strategic management. Mr. James’s appointment is effective March 7.
“Jason’s solid background in financial and management reporting, taxation, internal control and governance aligns extremely well with the needs of our dynamic organization,” Mr. Johnson said.
Mr. James replaces David Harris, who retired at the end of 2006 as Vice-President and Chief Financial Officer.
Mike Walsh, who agreed to temporarily assume the responsibilities of Chief Financial Officer while the company searched for a permanent replacement, is now returning to his other business commitments. “We are deeply appreciative of the commitment Mike made to stay on while putting his other interests on hold,” Mr. Johnson said.
PetroGlobe recently appointed Brent W. Jonah, P.Eng. to the position of Manager of Operations, and has appointed Erik Christiaansen to the position of Chief Engineer, effective March 12.
As Manager of Operations, Mr. Jonah is responsible for drilling, completions, production and facilities. He has broad experience in the oil and gas sector, having occupied positions in operations, sales, field service, marketing and training, and in the critical area of quality, health, safety and environmental management.
As Chief Engineer, Mr. Christiaansen will be responsible for engineering related to exploration, development and extraction of oil and gas deposits, and for planning, designing and developing the drilling, completion, testing and re-working of oil and gas wells. In addition to Canadian, international and offshore drilling engineering experience, he has been involved in business development, sales and ISO 9001 implementation.
“Brent and Erik give PetroGlobe increased strength and depth at a time of expanding exploration and growing production,” Mr. Johnson said. “Their experience and skills as leaders will bring important support to our strategic planning initiatives.”
PetroGlobe also announced that options to acquire up to a total of 130,000 common shares are being granted in connection with new appointments and other recent employee additions. Each option will be for a five-year term and will vest over two years (1/3 immediately and 1/3 on each of the first and second anniversary of the grant date). PetroGlobe said 100,000 of the options were granted today, with an exercise price of $1.98, and the remaining options will be granted as the employees complete three months of satisfactory employment, at an exercise price based on the market price at that time. Assuming issuance of 130,000 options, there will be options outstanding to purchase a total of 1,885,850 common shares of PetroGlobe, or approximately 5.7% of PetroGlobe’s issued and outstanding common shares as of February 28, 2007.
About PetroGlobe Inc.
PetroGlobe Inc. is listed on the TSX Venture Exchange and trades under the symbol PGB. There are 33.1 million shares outstanding (35.9 million fully diluted). The 52-week range is $1.00 - $2.14. Market cap is $65.6 million based on the most recent closing price of $1.98.
PetroGlobe Inc. carries on business directly in Canada and indirectly in the United States through PetroGlobe Energy USA Ltd. Its wholly owned subsidiary, PetroGlobe (Canada) Ltd., is in the business of international oil and gas consulting.
Major properties are in the Palo Duro basin of West Texas and the Cynthia, Drayton Valley, Breton, Warburg and Leduc areas of west-central Alberta.
This press release contains forward-looking information. Actual future results may differ materially from those contemplated.
This press release should not be construed to be a solicitation for the
purchase of the corporation’s common shares.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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