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
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
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.
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
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
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 email@example.com
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