Seven Generations Energy Ltd. Announces New Executive Appointment
CALGARY, May 22, 2014 /CNW/ - On behalf of the management team and Board of Directors of Seven Generations Energy Ltd. (the "Company" or "7G"), Mr. Pat Carlson, Chief Executive Officer, is pleased to announce that Mr. Marty Proctor has agreed to join the Company as President and Chief Operating Officer.
Marty comes to 7G with over 27 years of diversified petroleum engineering and oil and gas management experience, most recently as the Chief Operating Officer of a publicly traded Canadian company. Prior to that, Marty worked in an executive role with Pat (CEO and co-founder) at North American Oil Sands, including staying several months after its acquisition by Statoil to facilitate the transition. Reflecting on their intertwining career paths and the fact that Pat and Marty worked together at Husky Oil in the 80's, Marty said, "I'm looking forward to finishing my engineering career working for the same influential guy with whom I started my engineering career." Pat said, "Having worked with him off and on for his whole career, I am excited about the leadership, technical and organizational skill that Marty will bring to 7G. Marty has a style that will be totally compatible with the very successful management group already in place. He is the exact right person for the job." Marty will start with 7G on May 26, 2014.
7G is a tight gas developer with a single asset, the Kakwa River Project (the "Project"). 7G has its corporate headquarters in Calgary, Alberta and operating headquarters in Grande Prairie, Alberta, approximately 100 kilometres from the Project. The Project includes more than 500 square miles of rights in the Alberta Deep Basin, targeting, mainly, the Montney formation. By management's projection, the Project has the potential to yield more than 25 trillion cubic feet of marketable gas and more than 2.6 billion barrels of natural gas liquids (including over 1.0 billion barrels of condensate), with the potential to produce approximately 2 billion cubic feet of gas and 200,000 barrels of natural gas liquids daily for nearly 20 years.
This press release may contain forward-looking information and statements regarding the Company. Any statements included in this press release that address activities, events or developments that the Company "expects," "believes," "plans," "projects," "estimates" or "anticipates" will or may occur in the future are forward-looking statements. Actual results may differ materially due to a variety of important factors. Among other items, such factors might include: planned and unplanned capital expenditures; changes in general economic conditions; uncertainties in reserve, resource and production estimates; unanticipated recovery or production problems; weather-related interference with business operations; the effects of delays in completion of, or shut-ins of, gas and liquids gathering systems, pipelines and processing facilities; potential costs associated with complying with new or modified regulations; oil and natural gas prices and competition; the impact of derivative positions; production expense estimates; cash flow and cash flow estimates; drilling and operating risks; our ability to replace oil and gas reserves; volatility in the financial and credit markets or in oil and natural gas prices. Except as required by law, the Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change. Do not place undue reliance on forward-looking information.
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