TSX.V Symbol: PTR
VANCOUVER, March 10 /CNW/ - Further to previous public releases, Petromin
Resources Ltd. (TSX.V Symbol: PTR) is pleased to announce the formation and
initiation of its International Energy Advisory Board. Petromin has initiated
the formal launch of the Advisory Board with the appointment of two
The Advisory Board will provide expert advice to the Petromin Board of
Directors and senior management in specific areas including:
- Specialized expertise in engineering and science;
- New business opportunities;
- International law and forms of agreement;
- International business cultures and negotiations;
- Sustainable energy development;
- International finance.
The Board of Directors anticipates the Advisory Board will assist the
company's growth and contribute to the creation of shareholder value through
the provision of expert advice in specific areas.
The initial Chair of the Advisory Board is Donald O. Downing. Mr.
Downing, a geologist and economist, has over 30 years experience in the energy
industry principally with Imperial Oil Ltd. (1979-1992) where he managed
international uranium and coal marketing and latterly was head of the coal
division and President and CEO of Byron Creek Collieries a unit of Esso
Resources. He was President of The Coal Association of Canada (1993-98) and
Vice President & Director of Norwest Corporation (1999-2006). Most recently he
founded, with other Norwest Corporation principals, TerraWest Energy Corp.
(TWE) a private company with a significant coalbed methane project in China
and he remains a director of the company. Majority shareholding in TWE was
taken by Petromin and its nominees through share subscription in November,
Mr. Downing will facilitate and coordinate the formative activities of
the Advisory Board on behalf of the Petromin Board of Directors.
At this time Petromin is also pleased to announce that Phillip D.
Bretzloff will join the Advisory Board to provide advice in the area of
international legal affairs.
Mr. Bretzloff has over 30 years experience acting for oil, gas and energy
companies for Canadian and international private and public corporations. His
background includes Senior Counsel for Petro-Canada and Union Oil Company of
Canada and Partner with Cumming Blackett Bretzloff Todesco, Gowlings and Baker
McKenzie in both Calgary and China.
Of particular note he was lead counsel for the Baker McKenzie team in
drafting contracts including various Production Sharing Contracts, Pipeline
Joint Venture Contracts and Pipeline Construction Contracts for the 5000 km
trans-national West-to-East Gas Pipeline in China on behalf of PetroChina in
negotiations with proposed partners Shell, ExxonMobil and GazProm. During this
period Mr. Bretzloff resided in Beijing. Some of Phil's professional
affiliations include the Petroleum Advisory Forum, the International Bar
Association and the Association of International Petroleum Negotiators.
Petromin Co-Chairman and President, Ross Gorrell states, "as Petromin's
international presence grows, the addition of Phil to our team in Vancouver is
a tremendous asset. His extensive Canadian and international oil and gas legal
and business experience and negotiation skills provide Petormin with an
advantage on the international oil and gas stage."
Commenting on the formation of the Advisory Board Mr. Gorrell indicated,
"Petromin and its shareholders will derive significant benefit and competitive
advantage through the addition of the world class expertise to the Advisory
Board. The initial appointees Messrs. Downing and Bretzloff are both highly
reputable Canadian business people with extensive international experience and
their appointments reflect how we plan to proceed with future appointments to
the Advisory Board."
In addition to Petromin's investment in TWE, it is pursuing business
development in Kuwait of both enhanced oil recovery (EOR) and heavy oil
development. The Company has also taken a major step into the international
arena through its strategic Master Services Agreement with Enviro-Energy
International Holdings of Hong Kong. Petromin has joined Enviro-Energy and
Chinese parties in a multi-well enhanced coalbed methane (CBM)/CO2
sequestration pilot project in China.
The advisory board positions are non-compensatory positions however,
Petromin will grant incentive share options to each member.
On Behalf of the Board of Directors
Dr. A Ross Gorrell
For further information:
For further information: Petromin Resources Ltd., TSX.V Symbol: PTR,
390-1090 W. Georgia St., Vancouver, B.C., V6E 3V7, T. (604) 682-8831, F. (604)