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CALGARY, Alberta, June 28, 2018 (GLOBE NEWSWIRE) -- Pieridae Energy Limited (TSX-V:PEA) announces the reelection of Mr. Myron A. Tetreault, Mr. Alfred Sorensen, Mr. Charles Boulanger, Mr. Andrew Judson, Mr. Matthew Rees as its directors for the forthcoming year and the election of Mr. Kjell Pedersen as a new independent director.
Kjell Pedersen
A native of Norway, Mr. Pedersen has 40 years of experience in oil and gas exploration and production in Europe and North America. Mr. Pedersen was Director of Det Norske Oljeselskap AS from 2015 until 2016. Prior thereto, he was Chairman of Aibel AS from April 2013 until March 2015 and CEO of Petoro AS from 2001 until 2013. Petoro is owned by the Norwegian government and manages over 1,000,000 barrels per day on behalf of the people of Norway. He began his career as a drilling engineer with Exxon Mobil and has held various management positions at Esso and ExxonMobil in Norway, the United States, Germany and the United Kingdom.
“Mr. Pedersen brings a depth of knowledge to Pieridae in both onshore and offshore upstream operations as well as the construction of large energy facilities and has worked in many of the jurisdictions in which the Company is active. He will enhance the Board’s ability to meet its ambitious goals in 2018.” said Pieridae’s CEO Alfred Sorensen.
Pieridae has also granted 125,000 stock options to Mr. Pedersen at an exercise price of $5.27 per share, expiring June 27, 2023.
THE COMPANY ALSO ANNOUNCES CHANGES TO ITS MANAGEMENT TEAM
The company announces the resignation of its Chief Financial Officer (CFO), Mr. Mario Racicot. Mr. Racicot’s resignation will be effective September 1, 2018. To help ensure an orderly transition, Mr. Racicot will step down from his current position once a successor is appointed. The company has initiated an internal and external search to fill the CFO position.
Pieridae wishes to announce the appointment of Mr. Rob Dargewitcz as Vice President Finance and Risk Management. M. Dargewitcz brings over 20 years of experience in the Energy sector including the last 5 years as Treasurer of North West Redwater Partnership (NWRP), an entity building a $9.7B Upgrader/Refinery just north of Edmonton, Alberta. Prior to NWRP, Rob spent 15 years with Shell Canada where he had several positions over the years including Manager of Corporate Finance - Mergers and Acquisitions, and Treasurer, as well as various other financial positions in all 4 divisions of Shell Canada (Upstream, Downstream, Oil Sands, & Corporate).
About Pieridae
Pieridae is a Canadian corporation based in Calgary, Alberta focused on the development of fully integrated energy activities, from upstream production to the sale of LNG. Pieridae’s main project is the Goldboro LNG Project and, to supplement the resources it has acquired in New Brunswick and Quebec, Pieridae has embarked on a strategy to consolidate natural gas reserves in key natural gas basins to develop new international markets for Canadian and US natural gas. Pieridae will continue to seek to build a long term portfolio of natural gas to supply the Goldboro LNG Project. Pieridae is on the leading edge of the re-integration of the LNG value chain in North America. Pieridae has 50,547,159 shares issued and outstanding.
For further information please contact:
| Alfred Sorensen, Chief Executive Officer | Mario Racicot, Chief Financial Officer |
| Telephone: (418) 657-1966 | Telephone: (418) 657-1966 |