TSX-V: ORC.A, ORC.B
ROAD TOWN, Tortola, British Virgin Islands, March 29 /CNW/ - Orca Exploration Group Inc. ("Orca") announced today that its Chairman W. David Lyons has been appointed Chairman and CEO with immediate effect. Mr. Lyons was previously Chairman, President and CEO of PanOcean Energy Corporation Ltd., which expanded its business in West Africa until it was sold for approximately Cdn$1.6 billion in 2006. Prior to that Orca was spun off from PanOcean in 2004.
Peter Clutterbuck, formerly Orca's President and CEO, assumes the position of Deputy Chairman. Further organisational changes are in process and will be announced as they are concluded.
"Orca has achieved solid results since listing in 2004 and is now poised to launch an aggressive expansion programme into multiple assets from a strong financial base with a focus on oil exploration. This is intended to diversify risk and lead to a step change in value," stated Mr. Lyons. "This vigorous expansion programme will be delivered by the same team that achieved much success for PanOcean in West Africa, and has been managing Orca since its flotation in 2004."
"We have retained Orca's core management team, and intend to add to it in the coming months," explained Mr. Lyons. "We plan to strengthen the Board, and make the company a platform for growth as a larger independent. Utilizing our strong financial base, which includes our growing business in Tanzania, Orca is in an excellent position to take advantage of weaknesses in the market for the sale of assets and pursue opportunities for corporate transactions that can benefit the Company."
Forward Looking Statements
This disclosure contains certain forward-looking estimates that involve substantial known and unknown risks and uncertainties, certain of which are beyond Orca Exploration's control, including the impact of general economic conditions in the areas in which Orca Exploration operates, civil unrest, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining required approvals of regulatory authorities. In addition there are risks and uncertainties associated with oil and gas operations, therefore Orca Exploration's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking estimates and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking estimates will transpire or occur, or if any of them do so, what benefits, including the amounts of proceeds, that Orca Exploration will derive therefrom.
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.
SOURCE Orca Exploration Group Inc.
For further information: For further information: W. David Lyons, Chairman and CEO, +44-7717-100-200, email@example.com or Peter R. Clutterbuck, Deputy Chairman, +44 (0) 7768 120727, firstname.lastname@example.org or visit the Company's web site at www.orcaexploration.com.