Advantage Announces Senior Management Appointments
27 Janvier 2009 - 11:00AM
PR Newswire (US)
(AVN.UN - TSX, AAV - NYSE) CALGARY, Jan. 27 /PRNewswire-FirstCall/
-- Advantage Energy Income Fund ("Advantage") announces the
following appointments to the executive officer team of its
wholly-owned subsidiary and administrator, Advantage Oil & Gas
Ltd. ("AOG"): - Mr. Andy Mah, the former President and Chief
Operating Officer, has been appointed to the position of Chief
Executive Officer. Mr. Mah is a professional engineer with over 26
years of experience in the industry and has held senior management
positions in several companies. Mr. Mah will also continue on the
Board of Directors of AOG. - Mr. Kelly Drader, the former Chief
Executive Officer, has been appointed as President and Chief
Financial Officer. Mr. Drader is a founder of Advantage with over
28 years of experience in the oil and gas industry. Mr. Drader will
also continue on the Board of Directors of AOG. - Mr. Craig
Blackwood, the former Director of Finance, has been appointed as
Vice-President, Finance; and - Mr. Peter Hanrahan, the former
Vice-President of Finance and Chief Financial Officer, has elected
to resign from such positions. The Board of Directors of AOG thanks
Mr. Hanrahan for his service to Advantage and wish him well in his
future endeavours. Mr. Mah's engineering and operational expertise
is expected to contribute considerably to Advantage's plan to
further develop and exploit the Montney resource play on its
Glacier property where approximately 50% of Advantage's 2009
capital expenditure budget has been allocated. Mr. Mah commented:
"Advantage has substantially transformed in the last few years and
is now well positioned with a significant organic growth
opportunity at our Glacier Montney natural gas resource play. In
addition, we have developed an excellent conventional long life
asset base with over 5 years of drilling inventory. With the
numerous market, industry and financial challenges ahead, we wish
to ensure that our strengths at the senior management level are
optimally aligned within the organization in an effort to maximize
our operational and financial results. I am very excited to lead
Advantage and work with our very experienced staff and management
team." Mr. Drader's move to President and Chief Financial Officer
recognizes his exceptional financial background and industry
experience which will serve Advantage well in the challenging
global economic environment and in an industry facing depressed
commodity prices. Mr. Blackwood is a Chartered Accountant and has
been Director of Finance with AOG since November 2004. Prior
thereto, Mr. Blackwood has worked in various financial roles and
has diverse experience throughout the resource sector. His areas of
expertise include financial, accounting and taxation that has been
well demonstrated during his employment. Mr. Blackwood is expected
to be a valuable contributor to the senior management team. Mr.
Steven Sharpe, the non-executive Chair of AOG, commented: "The
changes to the senior executive team at Advantage puts the
organization in an even better position to address the challenges
facing income funds and royalty trusts in the oil and gas industry
and, further, to identify and exploit opportunities that arise in
this environment of low commodity prices and economic uncertainty.
The promotion of Mr. Mah to Chief Executive Officer recognizes his
advancement within the organization and the role that the
operational group within Advantage will take going forward as we
focus additional capital and development efforts on our Montney
resource play at Glacier." Advisory The information in this press
release contains certain forward-looking statements. These
statements relate to future events or our future performance. All
statements other than statements of historical fact may be
forward-looking statements. Forward-looking statements are often,
but not always, identified by the use of words such as "seek",
"anticipate", "plan", "continue", "estimate", "expect", "may",
"will", "project", "predict", "potential", "targeting", "intend",
"could", "might", "should", "believe", "would" and similar
expressions. These statements involve substantial known and unknown
risks and uncertainties, certain of which are beyond Advantage's
control, including: the impact of general economic conditions;
industry conditions; changes in laws and regulations including the
adoption of new environmental laws and regulations and changes in
how they are interpreted and enforced; fluctuations in commodity
prices and foreign exchange and interest rates; stock market
volatility and market valuations; volatility in market prices for
oil and natural gas; liabilities inherent in oil and natural gas
operations; uncertainties associated with estimating oil and
natural gas reserves; competition for, among other things, capital,
acquisitions, of reserves, undeveloped lands and skilled personnel;
incorrect assessments of the value of acquisitions; changes in
income tax laws or changes in tax laws and incentive programs
relating to the oil and gas industry and income trusts; geological,
technical, drilling and processing problems and other difficulties
in producing petroleum reserves; and obtaining required approvals
of regulatory authorities. Advantage's actual results, performance
or achievement could differ materially from those expressed in, or
implied by, such forward-looking statements and, accordingly, no
assurances can be given that any of the events anticipated by the
forward-looking statements will transpire or occur or, if any of
them do, what benefits that Advantage will derive from them. Except
as required by law, Advantage undertakes no obligation to publicly
update or revise any forward-looking statements. DATASOURCE:
Advantage Energy Income Fund CONTACT: please contact: Investor
Relations, Toll free: 1-866-393-0393; Advantage Energy Income Fund,
700, 400 - 3rd Avenue SW, Calgary, Alberta, T2P 4H2, Phone: (403)
718-8000, Fax: (403) 718-8300, Web Site:
http://www.advantageincome.com/, E-mail:
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