Petrolympic Announces Results from Annual General Meeting
23 Novembre 2011 - 3:00PM
Marketwired
Petrolympic Ltd. (TSX VENTURE:PCQ) ("Petrolympic" or the "Company")
is pleased to announce the Company held their Annual General
Meeting (the "AGM") on November 21, 2011. At the AGM the
shareholders re-appointed Collins Barrow Toronto LLP, Chartered
Accounts, as auditor of the Company to hold office until the close
of the next annual meeting of the shareholders and approved the
ratification and approval of the 10 % rolling stock option
plan.
At the AGM the shareholders also approved the election of the
following directors:
-- Mendel Ekstein
-- Andreas Jacob
-- Alain Fleury
-- Frank Ricciuti
-- Miles Pittman
-- Rodger Creamer
Mr. Creamer is a new addition to the board of directors. Mr.
Creamer is currently the president of SE-AM Tech Inc. Mr. Creamer
is a professional engineer and has 35 years of experience in
various project functions. Mr. Creamer is currently a project
manager with Chevron in Kern River oil field. From 2005-2009 he was
involved in the redevelopment of the Montego Bay airport in
Jamaica. Mr. Creamer has been involved in numerous other projects
over the years, including combined cogeneration plants, pulp and
paper plants, refinery plant engineering including project
direction refinery de-sulphurization of naphtha and diesel products
(Vittol), polyethylene plant (Petro Kemya), Greenfield WOSEP
separation plant Aramco) and a Greenfield headquarters for a
(ORICA, formerly ICI) chemical producer and as well various other
petroleum industrial plants. These projects have ranged in value
from a few million dollars to projects with combined totals in
excess of one billion dollars.
Mr. Gerold Fong chose not to put his name up for re-appointment
and Mr. Enrique Lopez de Mesa withdrew his candidacy as director,
both due to other business commitments. The Company would like to
thank both Mr. Fong and Mr. Lopez de Mesa for their four years of
valuable service to the Company.
Upon completion of the AGM the board of directors of the Company
held a meeting and re-appointed Mr. Ekstein as President and Chief
Executive Officer, Mr. Carmello Marrelli as Chief Financial Officer
and Mr. Jacob as Vice-President. Mr. Ricciuti was appointed as
Chairman of the board of directors.
About Petrolympic Ltd.
Petrolympic Ltd. (PCQ.V) is a Canadian junior oil and gas
company actively exploring for premium light crude oil and natural
gas in North America. The Company is presently focused on its
near-term oil production 8,000+ acre asset in the prolific Maverick
Basin of Texas, USA. The company also holds an interest in a total
754,216 hectares (1,863,668 acres) of oil and gas exploration
permits in the Appalachian Basin of Quebec that include holdings in
the St. Lawrence Lowlands and Gaspe Peninsula. The Company's
holdings in the St. Lawrence Lowlands are a 30% interest in 217,370
hectares (536,941 acres) through a joint venture with Resources
& Energie Squatex Inc.; a 12% interest in 8,000 hectares
(19,768 acres) through a Farmout Agreement with Canbriam Energy
Inc., as well as a 100% interest in 56,622 hectares (139,913 acres)
located over the Lowlands shallow carbonates platform on the south
shore of the St. Lawrence River, less than 30 kilometres southwest
of Montreal. These properties represent a major position in the
Utica-Lorraine and Trenton-Black River Plays. Petrolympic also
maintains holdings in the Gaspe and Bas-St. Lawrence regions,
including a 30% interest in 431,339 hectares (1,065,839 acres)
through a joint venture with Squatex and a 100% interest in a block
of exploration permits totalling 40,885 hectares (101,029 acres)
located between Rimouski and Matane prospective for hydrothermal
dolomite hosted light oil.
Forward-Looking Statements
This press release includes certain "forward-looking
information" within the meaning of the Securities Act (Ontario),
including, but not limited to, statements as to timing and extent
of exploration programs and the availability of exploration
results. As such, forward-looking information addresses future
events and conditions and so involves inherent risks and
uncertainties, as disclosed under the heading "Risk Factors" and
elsewhere in Petrolympic documents filed from time to time with the
Ontario Securities Commission and other regulatory authorities.
Actual results could differ significantly from those currently
projected as a result of, among those factors, adverse weather,
regulatory changes, delays in receiving permits, accidents and
delays in completing exploration activities not all of which are in
the control of Petrolympic. The forward-looking information
contained herein is Petrolympic's reasonable estimate today of
future events and conditions, but no assurance can be given that
such events or conditions will occur. The reader is cautioned not
to rely on these forward-looking statements. Petrolympic disclaims
any obligation to update these forward-looking statements.
The TSX Venture Exchange has not reviewed and does not accept
responsibility of the adequacy or accuracy of this news
release.
Contacts: Petrolympic Ltd. Mendel Ekstein President and CEO
(845) 656-0184exis@petrolympic.comwww.petrolympic.com For Investor
Relations Inquiries please contact: Cutler McCarthy Miranda
McCarthy Investor Relations Consultant (647)
722-5342miranda@cutlermccarthy.com
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