VANCOUVER, April 27, 2015 /CNW/ - Coronado Resources Ltd. (TSX-V: CRD) and (OTCQX: CRDAF) is pleased to announce that Mr. Frank Jacobs, an internationally experienced oil and gas executive, has joined the Board of Directors of the Company.
Mr. Jacobs holds a B.Sc. Chemical Engineering degree from the Higher Technical College in Breda, Netherlands, as well as a M.Sc. Chemical Engineering degree, Major in Petroleum Engineering, from the University of Calgary. Mr. Jacobs has more than thirty-five years of experience in the oil and gas industry that includes operations management from concept select to full field development, acquisitions and development of existing oil and gas production. Mr. Jacobs has extensive experience as a director and senior executive of public companies in Canada, Australia and the USA.
Mr. Jacobs has worked in Australia, North and South America as well as SE Asia and is responsible for numerous oil and gas production acquisitions. Most recently, Mr. Jacobs was based in Kuala Lumpur leading the technical team and project funding for the $135 million Ophir oil field development offshore Malaysia.
Coronado's Board now consists of Hugh Rogers, Ashley Garnot, David Loretto, John Vaccaro and Frank Jacobs.
The current low oil price scenario has created opportunity and a healthy entry point and Coronado is aiming to move into the upstream oil and gas business through the acquisition of a suitable production project. TAG Oil Ltd. (TSX: TAO), with operations and approximately 2,000 BOE/D oil and gas production, is a 49% shareholder in Coronado.
Neither 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.
TAG Oil has adopted the standard of six thousand cubic feet of gas to equal one barrel of oil when converting natural gas to "BOEs." BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6Mcf: 1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
Cautionary Note Regarding Forward-Looking Statements:
Statements contained in this news release that are not historical facts are forward-looking statements that involve various risks and uncertainty affecting the business of Coronado. Such statements can generally, but not always, be identified by words such as "expects", "plans", "anticipates", "intends", "estimates", "forecasts", "schedules", "prepares", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur.
Forward-looking statements and information concerning the review of all assets of the Company are based on management's assumptions using information currently available and include Coronado's expectations regarding its business. In making the forward-looking statements in this news release, Coronado has applied certain factors and assumptions that are based on information currently available to Coronado as well as Coronado's current beliefs and assumptions made by Coronado. Although Coronado considers these beliefs and assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Although Coronado has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Coronado does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
SOURCE Coronado Resources Ltd.
For further information: Hugh Rogers, CEO, Email: [email protected], Phone at +1 604 683 6338