Drift Lake Resources Announces Appointment Of Grant Fagerheim And Ronald MacMicken To The Board And Results Of Annual General Meeting

TORONTO, Sept. 22, 2011 /CNW/ - Drift Lake Resources Inc. (TSXV: DLA) ("Drift Lake" or the "Company") announces the appointment of Grant Fagerheim and Ronald MacMicken to the Board and the results from the Annual General Meeting ("AGM") held on September 21, 2011. Each of the proposals submitted for shareholder approval by the Board of Directors were approved and are summarized below:

Election of Directors

Five Directors were elected to the Board, Keith Spickelmier, Executive Chairman, Douglas Manner and Bruno Maruzzo were re-elected and two independent Directors, Grant Fagerheim and Ronald MacMicken were newly appointed to the Board.

Mr. Grant B. Fagerheim has 28 years of diverse experience in both the upstream and downstream areas of the oil and gas business and currently serves as the Chairman, Chief Executive Officer and President of Whitecap Resources Inc. Mr. Fagerheim previously served as the President and Chief Executive Officer of Cadence Energy Inc. (formerly, Kereco Energy Ltd.) from January 2005 to September 2008. He served as the President and Chief Executive Officer of Ketch Resources Ltd. from October 2002 to January 2005 and served as the President and Chief Executive Officer of Ketch Energy Ltd. from April 2000 to October 2002.

Currently Mr. Fagerheim is a Director of PRD Energy Inc., as well as Director of the Canadian Hockey Foundation & the Edge School for Athletes.

Mr. Fagerheim's past directorships include Acclaim Energy Trust, Ketch Resources Trust, Advantage Energy Income Fund, Escavar Energy Inc., Invico Capital Corp and IROC Systems Corp.

Mr. Ronald A. MacMicken is the Interim Chief Executive Officer and President at 3P International Energy Corp., a publicly listed junior oil and gas company with operations in Ukraine. He is also the Interim President and Chief Executive of Quetzal Energy Ltd., a public junior oil and gas company with operations in South America. He also serves as the Chief Operating Officer and Director of Delavaco Capital Inc. Mr. MacMicken serves as the President, Chief Operating Officer at ColCan Energy, a private oil exploration company with assets in Colombia.

Mr. MacMicken was a Managing Director of Investment Banking at Canaccord Genuity Corp. He served as Vice President in the Investment Banking division at Cormark Securities Inc., formerly Sprott Securities Inc. Mr. MacMicken joined Sprott Securities in September 2006 after spending 5 years at National Bank Financial in Toronto and Calgary. He previously held investment banking positions at Credit Suisse First Boston in London, England and BMO Nesbitt Burns in Toronto. Previously, Mr. MacMicken held senior positions with Canadian investment dealers, providing mergers and acquisitions and financing advice to domestic and international oil and gas companies.

Keith Spickelmier, Executive Chairman commented, "We are delighted to welcome Grant Fagerheim and Ron MacMicken to Drift Lake's board of directors. Grant and Ron's global experience in oil and gas exploration and production, their extensive relationships in the public and capital markets, and proven track records as leaders make them outstanding additions to the board."

The Board would like to thank Mr. Lee Pettigrew for his service and support to the company during the term of his past tenure as a Director. The appointments of Messrs. Fagerheim and MacMicken remain subject to the approval of the TSX Venture exchange (the "TSXV").

2011 Option Plan

The shareholders approved a new 2011 Option Plan. Under the 2011 Option Plan the maximum number of common shares reserved for issuance upon exercise of stock options is 10% of the issued and outstanding common shares of the Company. Options may only be issued to directors, officers, employees and consultants subject to TSXV policies and regulations, all as further set out in the management information circular of the Company delivered to shareholders in connection with the AGM.

Other Matters

  1. Shareholders approved the name change of the Company from Drift Lake Resources, Inc. to Sintana Energy Inc. When the name change becomes effective and all regulatory approvals are received, the common shares of the Company will trade under the new trading symbol "SNN".  The name change remains subject to the approval of the TSXV.

  2. Shareholders approved the Appointment of Schwartz Levitsky Feldman LLP Chartered Accountants as the Company's Auditors and authorized the Directors to fix the remuneration of the Auditors.

ABOUT DRIFT LAKE RESOURCES

The Company is primarily engaged in petroleum and natural gas exploration and development activities in Colombia, Peru and Paraguay. The Company's exploration strategy is to acquire, explore, develop and produce superior quality assets with significant reserve potential.  The Company currently holds a 25% working interest in 175,000 acres in the Bayovar Block XXVII in the Sechura Basin, Peru, a 30% interest in 108,336 acres in the Talora Block and a 30% interest in 272,021 acres in the COR-39 & COR-11 Blocks in the Magdalena Basin, Colombia. The Company continues to evaluate a portfolio of other exploration opportunities in South America.

On behalf of the Board of Directors

"Keith Spickelmier"
Executive Chairman

Forward-Looking Statement

This news release includes forward-looking statements related to the expected occurrences in relation to the properties identified. A multitude of factors can cause actual events to differ significantly from any anticipated development and although the Company believes that the expectations represented by such forward-looking statements are reasonable; there can be no assurance that such expectations will be realized. These forward looking statements are based upon assumptions that the Company has made concerning the oil and gas industry in South America, that all applicable regulatory approvals will be obtained, the reliability of available data regarding the properties and increasing demand for oil and gas. Risk factors which may cause actual results to differ from those anticipated in such forward looking statements include but are limited to, the uncertainty of conducting operations under a foreign regime, the uncertainty of obtaining all applicable regulatory approvals, the availability of labour and equipment, the fluctuating prices of oil and gas, the availability of financing and the Company's dependence upon other participants in the property areas. Neither the Company nor any of its subsidiaries nor any of its officers or employees guarantee that the assumptions underlying such forward-looking statements are free from errors, nor do any of the foregoing accept any responsibility for the future accuracy of the opinions expressed in this document or the actual occurrence of the forecasted developments.

Although the Company believes that the expectations represented by the forward-looking statements contained herein are reasonable, undue reliance should not be placed on the forward-looking statements as there can be no assurance that such expectations will be realized. The forward-looking statements contained in this document are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. This press release does not constitute an offer to sell or a solicitation to buy any of the securities of Drift Lake Resources in the United States.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information:

For further information please visit our website at www.driftlakeresources.com or email us at info@driftlakeresources.com 

Corporate Contact:

Douglas Manner
Chief Executive Officer
Tel: 832.279.4913     







































Corporate Contact:

Keith Spickelmier
Executive Chairman
Tel: 713.248.5981



 

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