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CALGARY, Aug. 11, 2015 /CNW/ - Petro-Victory Energy Corp. ("Petro-Victory" or the "Company") (TSX-V: VRY) announces that further to their press release of July 28, the Company is pleased to announce that Mr. Birken Olson has been appointed as a Petro-Victory non-executive director effective immediately.
Mr. Olson has built a number of businesses and has formulated and executed technical and business strategies in both small and large companies. He presently concentrates on consulting services to energy companies. In 2009 he founded Backroads Petroleum, a value-seeking E&P company focused on finding overlooked opportunities in under-producing assets and royalties. The breadth of the business has expanded to include consulting on such diverse activities as financing, mergers and acquisitions, distressed company operations, valuation estimates, and complicated modeling for alternative projected operations.
In 2004, Mr. Olson co-founded Neos Geosolutions, an independent oil and gas wildcatter where he helped lead finance and business operations until 2009. Projects included raising nearly US $500 million in institutional financing, managing corporate back office functions, and scanning for acquisition targets. Neos discovered the first light-sweet crude oil in Turkey, owned midcon assets in the US, and explored onshore Mozambique for oil and gas.
In the 1990's and early 2000's, Mr. Olson worked at McKinsey & Company consulting in a variety of industries, for several years was a partner at Backroads Capital, and help start Pivotal Technologies, the original analog semiconductor IP company. His efforts in those businesses extended well beyond the energy market and provided him the depth of experiences he has today. Mr. Olson received a bachelor's degree in electrical and computer engineering from New Mexico State University and an MBA from Wharton.
Richard Gonzalez, CEO, stated: "We are delighted to have Birken joining the board of Petro-Victory. We expect that his combination of experience in the energy sector, familiarity with other industries, strong financial credentials and his international background will all contribute to the success of Petro-Victory."
Additional information on the Company is available on SEDAR at www.sedar.com
This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States unless an exemption from such registration is available.
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.
Advisory Regarding Forward-Looking Statements
In the interest of providing Petro-Victory's shareholders and potential investors with information regarding Petro-Victory, including management's assessment of Petro-Victory's future plans and operations, certain statements in this press release are "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation (collectively, "forward looking statements"). In some cases, forward-looking statements can be identified by terminology such as "anticipate", "believe", "continue", "could", "estimate", "expect", "forecast", "intend", "may", "objective", "ongoing", "outlook", "potential", "project", "plan", "should", "target", "would", "will", "shall" or similar words suggesting future outcomes, events or performance. The forward-looking statements contained in this press release speak only as of the date thereof and are expressly qualified by this cautionary statement.
Specifically, this press release contains forward-looking statements relating to but not limited to: the composition of the board of directors, our business strategies, plans and objectives, and drilling and exploration expectations. These forward-looking statements are based on certain key assumptions regarding, among other things: our ability to eventually add production and reserves through our exploration and acquisition activities; the receipt, in a timely manner, of regulatory and other required approvals for our operating activities; the availability and cost of labor and other industry services; the continuance of existing and, in certain circumstances, proposed tax and royalty regimes; and current industry conditions, laws and regulations continuing in effect (or, where changes are proposed, such changes being adopted as anticipated). Readers are cautioned that such assumptions, although considered reasonable by Petro-Victory at the time of preparation, may prove to be incorrect.
Actual results achieved will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. These and additional risk factors are discussed in our Final Prospectus dated July 11, 2014, as filed with Canadian securities regulatory authorities at www.sedar.com.
The above summary of assumptions and risks related to forward-looking statements in this press release has been provided in order to provide shareholders and potential investors with a more complete perspective on Petro-Victory's current and future operations and such information may not be appropriate for other purposes. There is no representation by Petro-Victory that actual results achieved will be the same in whole or in part as those referenced in the forward-looking statements and Petro-Victory does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law.
SOURCE Petro-Victory Energy Corp.
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For further information: Petro-Victory Energy Corp., Richard F. Gonzalez, CEO - 972-239-3084; Petro-Victory Energy Corp., Mark Bronson, CFO and Corporate Secretary - 817-838-4744; Brisco Capital Partners Corp., Scott Koyich - 403-619-2200