(TSX Symbol - PEF; NYSE Amex Symbol - PED)
CALGARY, July 27 /CNW/ - Petroflow Energy Ltd. ("Petroflow" or the
"Company") announces that Mr. John Melton, Petroflow's CEO and founder will
retire from his position as CEO and has also decided to resign as a director.
The Company also announces that Mr. Joseph Blandford has resigned from his
position as director of Petroflow.
Mr. David Elgie, Chairman offered the following on behalf of the entire
board, management, and staff; "John Melton's vision and leadership through the
formative stages of Petroflow were invaluable in establishing the Company's
unique culture and remarkable asset base. We all wish him the very best in his
retirement".
"Joseph Blandford has been a director of the Company since its inception,
and we sincerely thank him for his dedication, stewardship, and exceptional
leadership on the board through the company's formative years".
As announced previously, in April of this year Sandy Andrew was appointed
President of the Company. The board is fully confident that Sandy Andrew will
continue to provide the valuable leadership he has shown, and will continue to
lead all aspects of the Company's day to day operations. The board has also
established a committee of the board and management to support the management
team on capital market and financial matters.
Despite these two changes, the Company is positioned to maintain and grow
its current strategies in the Hunton and other basins.
Forward Looking Statements
This news release contains statements about oil and gas production and
operating activities that may constitute "forward-looking statements" or
"forward-looking information" within the meaning of applicable securities
legislation as they involve the implied assessment that the resources
described can be profitably produced in the future, based on certain estimates
and assumptions.
Forward-looking statements are based on current expectations, estimates
and projections that involve a number of risks, uncertainties and other
factors that could cause actual results to differ materially from those
anticipated by Petroflow and described in the forward-looking statements.
These risks, uncertainties and other factors include, but are not limited to,
adverse general economic conditions, operating hazards, drilling risks,
inherent uncertainties in interpreting and applying engineering data, geologic
data, and accumulated operating and production knowledge, technology change
and failure, competition, reduced availability of drilling and other well
services, fluctuations in oil and gas prices and prices for drilling and other
well services, government regulation and foreign political risks, fluctuations
in the exchange rate between Canadian and US dollars and other currencies, as
well as other risks commonly associated with the exploration and development
of oil and gas properties.
Additional information on these and other factors, which could affect
Petroflow's operations or financial results, are included in Petroflow's
reports on file with Canadian and United States securities regulatory
authorities. We assume no obligation to update forward-looking statements
should circumstances or management's estimates or opinions change unless
otherwise required under securities law.The TSX has not reviewed and does not accept responsibility
for the adequacy or accuracy of this news release.
For further information: Mr. Sanford Andrew, President & COO, Petroflow
Energy Ltd., (307) 277-2145, www.petroflowenergy.com; Mr. Duncan Moodie, CFO,
Petroflow Energy Ltd., (403) 539-4320, www.petroflowenergy.com
