CALGARY, Nov. 13, 2013 /CNW/ - (TSXV:TOL) TriOil Resources Ltd. ("TriOil" or the "Company") is pleased to announce the completion of the plan of arrangement (the "Arrangement"), pursuant to which ORLEN Upstream sp. z o.o. ("ORLEN Upstream"), through a wholly-owned subsidiary registered in the Netherlands, ORLEN Upstream International B.V., purchased all of the issued and outstanding class A common shares of the Company (the "Common Shares") at a cash price of C$2.85 per Common Share for total cash consideration of $183.7 million. With the completion of the Arrangement, the Common Shares will be delisted from the TSX Venture Exchange.
In connection with the completion of the Arrangement the following changes were made to the current management positions of the Company: Russell Tripp, retired from his position as President and Chief Executive Officer and was appointed as Chairman of the Board; Andrew Wiacek, formerly the Vice-President, Exploration of the Company, was appointed as President of TriOil; Shaun Wyzykoski, formerly the Vice-President, Engineering of the Company, was appointed as the Chief Operating Officer; Keith Mychaluk, formerly the Exploration Manager, was appointed as Vice-President, Exploration and Bruce Cawston, formerly the Engineering Manager, was appointed as Vice-President, Engineering. Cheryne Lowe continues as Vice-President, Finance and Chief Financial Officer and Craig Haavardsrud continues as Vice-President, Business Development and Land. In addition, Wieslaw Prugar, the President of ORLEN Upstream, was appointed as Chief Executive Officer and a director of TriOil and Bohdan Bartoszewicz, the Chief Financial Officer of ORLEN Upstream, was appointed as Senior Vice-President, Finance.
ORLEN Upstream is a wholly-owned subsidiary of PKN ORLEN S.A. ("PKN ORLEN"), one of the largest petroleum and petrochemical corporations in Central and Eastern Europe and the largest in Poland. PKN ORLEN operates 3 petrochemical plants, 7 refineries with the total processing capacity approximately 600,000 per day and a retail gas station network comprising approximately 2,700 outlets offering services in Poland, Germany, the Czech Republic and Lithuania. As at and for the year ended December 31, 2012, PKN ORLEN reported consolidated revenue of approximately C$38.5 billion and consolidated assets of approximately C$16.9 billion. PKN Orlen is one of the blue chip stocks traded on the Warsaw Stock Exchange and its market capitalization as of November 13, 2013 was approximately C$6 billion.
ORLEN Upstream was established to implement PKN ORLEN's strategy regarding exploration and production of hydrocarbons. ORLEN Upstream also holds licences for onshore oil and gas exploration throughout Poland and interests in an offshore licenses at the Latvian shelf of the Balitic Sea.
Neither the TSX Venture Exchange not 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 press release.
SOURCE: TriOil Resources Ltd.
For further information:
Andrew Wiacek, President, TriOil Resources Ltd.; Cheryne Lowe, VP Finance & CFO, TriOil Resources Ltd.; Corporate Phone: (403) 265-4115