Private Company Coda Petroleum Closes $75 Million Initial Financing

CALGARY, Feb. 28 /CNW/ - Coda Petroleum Inc. has completed an initial private capital financing of $75 million.  Coda was formed by the management team of Rondo Petroleum Inc. which was sold to PetroBakken Energy Ltd in March 2010.  The management, board and employees of Coda have invested a total of $8.28 million with the remainder being raised from private equity funds and private investors.

Coda's management team is Andrew Hogg, President and CEO, Kevin Wright, Vice President Engineering, Steve Lamb, Vice President Exploration, Glen Glass, Vice President Operations, Brenda Galonski, Vice President Finance and CFO, Frank Cortese, Vice President Land, and Paul Poscente, Chief Geologist.  The board of directors consists of John Brussa, Andrew Hogg, Kaush Rakhit, Jim Smith, Tobin Webb and Kevin Wright.

Coda's strategy will be to pursue a disciplined and highly focused exploration and acquisition strategy in the Western Canadian Basin focussed on new and emerging resource plays.


SOURCE Coda Petroleum Inc.

For further information:

Andrew Hogg                   Frank Cortese
President and CEO                   Vice President Land
(403) 910-0301                   (403) 910-0303

Profil de l'entreprise

Coda Petroleum Inc.

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