CALGARY, Aug. 16 /CNW/ - North Peace Energy Corp. ("North Peace" or the
"Corporation") announces the appointment of Harley Rea as Vice-President of
Engineering, Chris Hogue as Senior Engineering Consultant and Ed Sobel as
Senior Geological Consultant.
A Professional Engineer, Harley Rea has 14 years of upstream oil and gas
experience, including direct exploitation and operating experience with Cyclic
Steam Stimulation ("CSS") and Steam Assisted Gravity Drain ("SAGD"). Mr. Rea
spent 10 years at Husky Energy focused on heavy oil production in Saskatchewan
using thermal recovery methods. Most recently Mr. Rea spent four years at
Burlington Resources/ConocoPhillips in project management roles focusing on
gas exploitation and production. Mr. Rea signed an offer of employment on
August 15, 2007 and will join North Peace on September 17, 2007.
Chris Hogue has 15 years of upstream oil and gas experience with a focus
on heavy oil production in the Peace River area. Mr. Hogue was the project
manager on the Seal play for BlackRock Ventures in Peace River. He managed the
Seal project from the initial wells up to the point where BlackRock was
purchased by Shell Canada. Most recently Mr. Hogue completed the successful
integration of BlackRock's operations into Shell Canada.
Ed Sobel has 17 years of geology experience, with a focus on resource
development and characterization within the Bluesky formation, which is North
Peace Energy's focus zone. Mr. Sobel was Chief Geologist and Exploration
Manager for BlackRock Ventures where he was instrumental in producing heavy
oil from the Bluesky formation using primary production. Mr. Sobel also has
significant geological experience with thermal recovery through his
involvement on BlackRock's Orion Thermal Project at Hilda Lake.
These three individuals working directly with Bud Sheppard, our Senior
Thermal Consultant, will form the technical team for the Company. The team's
background is an ideal match to the Company's asset. They have strong thermal
experience, with direct exposure to CSS, they have geological expertise in the
Bluesky formation and operational experience in our focus area.
North Peace's President and CEO, Louis Dufresne, commented "The Company
is excited to have assembled an excellent technical team and we are now
prepared to advance the Company into the 2007/2008 drilling program, through
the pilot project and towards ultimate commercial production of the resource."
The Corporation has also approved the grant of 400,000 common share
purchase options for Mr. Rea in his capacity as Vice President Engineering.
These options are price protected at an exercise price of $1.82 per share with
the signing of an employment offer on August 15, 2007. Mr Hogue and Mr Sobel
had been granted common share purchase options contingent upon their level of
involvement with the Company. Based on them joining as Senior Engineering
Consultant and Senior Geological Consultant 125,000 of each of their options
will continue and the remaining contingent options will be cancelled. All
options vest 1/3 per year on the first, second and third anniversaries of the
date of grant and expire after five years.
About North Peace
North Peace Energy is an early stage oil sands company with land and
assets bridging the Athabasca and Peace River oil sands areas of northern
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this news release.
For further information:
For further information: Louis Dufresne, President and CEO, James
Glessing, Vice President, Finance & CFO, North Peace Energy Corp., 470, 505 -
3rd Street SW, Calgary, Alberta, T2P 3E6, Telephone (403) 262-6024, Facsimile:
(403) 262-6072, E-mail: firstname.lastname@example.org, www.northpec.com; Or Stephanie K
Mesher, Bryan Mills Iradesso, (403) 503-0144 ext. 216, email@example.com