VANCOUVER, June 3, 2019 /CNW/ - CruzSur Energy Corp. (the "Company" or "CruzSur") (TSXV: CZR), announces the departure of certain members of its Executive Management Team; Dr. Ralph Gillcrist, President and Chief Executive Officer, Mr. Alan Aitchison, Chief Operating Officer and Mr. Rafael Orunesu, Vice President Business Development and President Argentina. Dr. Gillcrist will resign his Board position with immediate effect. In conjunction with their departure, a total of 2,916,666 shares will be issued to the departing management as a partial severance settlement subject to TSX Venture Exchange approval. The Company also announces the resignation of the Chairman of the Board, Mr. Jeffrey Scott.
Mr. Serafino Iacono will be appointed as interim Chief Executive Officer, whilst the Company hires a new management team to implement the next phase in its strategy to develop its oil and gas assets. The departing management team has agreed to act in an advisory capacity for a period of 3 months to assist with the transition. Mr. Iacono will also be appointed as a Director and Mr. Frederico Restrepo has also been appointed a director.
The Board would like to thank Mr. Jeffery Scott and the departing executives for their significant contributions towards restructuring the Company and setting the stage for the next phase of growth. We wish them every success in their future endeavors.
About CruzSur Energy Corp.
CruzSur Energy Corp. is a publicly traded E&P company focused on proven oil & gas plays in Latin America. The Company holds a large diversified portfolio of producing, development and unexploited assets in Colombia and Argentina where it will leverage its amplitude of technical expertise and proven track record building companies and creating value.
Complete reports and statements are available on SEDAR at www.sedar.com and on the Company website www.cruzsur.energy.
SOURCE CruzSur Energy Corp.
For further information: CruzSur Energy Corp., Serafino Iacono, Interim CEO, Chris Reid, CFO, Tel: (604) 609-6110