Recent executive appointments provide additional corporate strength and
industry expertise, expanding foundation for faster growth in Australasia
VANCOUVER, Jan. 10 /CNW/ - Oil and gas exploration company Trans-Orient
Petroleum Ltd. (OTCBB/TOPLF) is pleased to announce that Mr. Garth Johnson has
accepted the position of President, effective immediately. To facilitate this
appointment, Mr. Peter Loretto has resigned as President, retaining his
leadership role as Chief Executive Officer and a director of the Company.
Mr. Johnson is a corporate executive who has been involved in oil and gas
activities primarily in New Zealand and Papua New Guinea over the past 12
years. Instrumental in the development of a number of junior international
companies from start-up to listing on senior exchanges, he is a Certified
General Accountant who has held executive positions within these corporations,
including seats on a number of public company boards. Mr. Johnson was also
recently appointed the CEO of TAG Oil Ltd., a junior international oil and gas
company with producing assets and development programs in the Taranaki basin,
Mr. Loretto commented on the appointment, "I'm very pleased that Garth
has accepted the position of President of Trans-Orient Petroleum. With his
background, he provides a strong business skill set and vitally important
expertise that's often lacking in peer group companies."
Trans-Orient also announced the appointment of Mr. Drew Cadenhead as VP
of Business Development. Mr. Cadenhead holds a Bachelor's degree in Geology
from the University of Calgary and has extensive technical and executive
experience in Western Canada and New Zealand. Between 2004 and 2007, Drew was
CEO of TAG Oil Ltd. and was instrumental in transforming this company from a
start-up into an oil producer with developing assets. Prior to holding that
position, he was VP of Exploration for BTU Resources, and was a Senior
Geologist at Ulster Petroleums.
"I am also pleased that Drew has accepted this key role with
Trans-Orient. Between his significant North American industry and technical
expertise and his hands-on Australasian management and operations experience,
his role will be an excellent addition to the Company's operations. His skills
are very complementary to the existing executive team," said Mr. Loretto.
To ensure that Trans-Orient's executives and others concerned have
long-term incentives the Company's directors have approved the granting of
stock options for the purchase of up to 3,000,000 common shares, exercisable
for five years at a price of US$0.70 per share. These stock options will vest
12.5% 12 months from the date of grant; the remaining options will vest at the
rate of 12.5% every six months thereafter.
Summarizing Trans-Orient's recent activities, Mr. Loretto stated, "Since
reestablishing direct operations in 2006, Trans-Orient has built a strong
leadership team, completed financings with some of the world's most
influential international resource investors, and has won 100% control of a
multi-million acre onshore frontier with world-class reserve potential. We're
justifiably proud of our achievements, and we will continue to leverage our
strengths with a vision to become a premier independent oil and gas company."
This release includes certain statements that may be deemed to be
"forward-looking statements" within the meaning of applicable legislation.
Other than statements of historical fact, all statements in this release
addressing future operations, undiscovered hydrocarbon resource potential,
exploration, potential reservoirs, prospects, leads and other contingencies
are forward-looking statements. Although management believes the expectations
expressed in such forward-looking statements are based on reasonable
assumptions, such statements are not guarantees of future performance, and
actual results may differ materially from those in the forward-looking
statements due to factors such as market prices, exploration successes,
continued availability of capital and financing, and general economic, market,
political or business conditions. Please see our public filings at
www.sedar.com for further information.
For further information:
For further information: Dan Brown, (604) 682-6496, email@example.com,