PETRO VERDE ANNOUNCES EXECUTIVE APPOINTMENT
Calgary, Alberta, Canada – June 17, 2013 – Petro Verde Energy Inc. (“Petro Verde”) announces the appointment of Allan MacRae, B.Sc., M.Eng., P.Eng. as President and CEO of the International Group of Petro Verde.
Mr. MacRae brings 40 years of management experience in the oil and gas business and the financial sector. He was a former President of Odyssey Petroleum, a former VP – Business Development at Antrim Resources, and a former executive at CanOxy (now Nexen). While at Odyssey, he restructured the company to focus on its Egyptian oil and gas assets, which ultimately were very successful. At Antrim, he completed a successful turnaround with the farmout of $40 million of dry holes, and the acquisition of key assets in the UK North Sea. At CanOxy he managed their Kazakstan operations, which eventually became PetroKazakstan, and he was instrumental in a turnaround of CanOxy’s Canadian conventional operations. He also was responsible for CanOxy’s oilsands investments where he co-authored new incentive proposals that revitalized the industry. He has been President of Firsst Inc., an advisory firm, for the past 17 years.
Jeff Arsenych, President & CEO or Petro Verde, stated “We are grateful to have attracted someone of Allan’s stature and experience to our company. He brings extra bench strength to the management team and has an excellent network for us to draw upon. As with the other team members of Petro Verde, Allan is prepared to invest his time and sweat equity for future compensation. This is the hallmark of a true entrepreneur.”
Petro Verde Energy Inc. is a private oil company based in Calgary, Alberta. Petro Verde’s corporate strategy is to develop established oil resources using successful risk management practices and proven new technologies. The property market in North America is currently very robust with many assets being offered for sale by their operators. Also, the specific targeting of mature waterfloods for acquisition, as well as international joint ventures, will also provide many transaction opportunities for production upside and cost mitigation. Jeff Arsenych, CEO, has co-founded four prior oil companies that were successful with oil development.
For more information please contact:
Jeff Arsenych, Allan MacRae
President & CEO President & CEO – International
+1 403 807 8444 +1 403 875 4830