ArPetrol Ltd. provides management update

CALGARY, July 7, 2016 /CNW/ - ArPetrol Ltd. ("ArPetrol" or the "Company") announces the resignation of Mr. Abdel Badwi as interim Chief Executive Officer of the Company effective July 6, 2016. Mr. Badwi will remain as a director of the Company. Mr. Jason James, a current director, has assumed the position of interim Chief Executive Officer of the Company. 

Mr. Claudio Ghersinich, Chairman of the Board of Directors, commented:

"The Board extends its sincere appreciation to Abby Badwi for his significant contribution to the Company as Chief Executive Officer since 2014 and for the instrumental role he played negotiating and closing the Company's recent sale of its assets, and we look forward to continuing to work with him as a director. We welcome Mr. James to serve in the role of Chief Executive Officer while we complete the dissolution and winding-up of the Company over the coming months."

About ArPetrol Ltd.

ArPetrol is a Calgary-based publicly traded company whose Common Shares are listed on the TSXV under the symbol "RPT". The Company recently completed a sale of substantially all of its assets and no longer has active business operations.

Additional information relating to the Company is also available on SEDAR at www.sedar.com.

Neither the TSXV nor its Regulation Services Provider (as defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

SOURCE ArPetrol Ltd.

For further information: Ian Habke, President and Chief Financial Officer, i.habke@arpetrol.com, ArPetrol Ltd., Main Telephone: 403-263-6738


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