CALGARY, April 14 /CNW/ - Mr. Michael Greenwood, Chairman & Chief Executive Officer of Pacific Rodera Energy Inc. (TSX Venture: PRD) ("PRD Energy" or the "Company") regrettably announced today the resignation of Mr. David (Tiger) Williams as an officer and director of the Company.
PRD Energy's current strategic initiatives are now mainly concentrated on international opportunities. Mr. Williams has determined that this change in direction, although very exciting, does not fit with his background and expertise and has determined that it is time to pursue other interests. Mr. Williams will continue as a consultant assisting the Company with ongoing investor relations until November 30, 2011.
Mr. Williams has been the continuous principal individual involved in the Company for over ten years, during which time there were several significant discoveries in the North West Territories in which the Company holds varying interests. The Company is currently awaiting the construction of the Mackenzie valley pipeline in order to produce these wells.
On behalf of me, the staff, the Board and the shareholders, we wish to wholeheartedly thank Mr. Williams for his efforts and support over the past decade. We appreciate Mr. Williams' continued commitment and wish him all the best in his other endeavors.
Update on current activities
In 2009, PRD Energy expanded its evaluation of oil and gas opportunities and reviewed projects on five continents. We evaluated projects based on a conservative risk profile and our ability to apply our core strengths of exploitation and development skills. Our risk evaluation focused us on operated onshore projects in politically stable countries with beneficial tax and royalty structures, world commodity pricing, low geological risk and repeatable exploitation and development drilling opportunities. We also evaluated our ability to use new drilling and stimulation techniques to optimize flow rates and reserves recovery while maintaining strict cost controls. We also wanted to ensure that the projects we chose will allow us to have a high working interest in properties with a rolling option on similar plays thus enabling us to become a mid-sized oil and gas producer within a reasonable time frame.
Using this disciplined approach PRD Energy has reviewed several plays that met some but not all of our requirements. After detailed evaluations, PRD Energy has chosen not to participate in a number of opportunities that were subsequently drilled unsuccessfully. We believe that this supports our model of thorough technical evaluation protecting shareholder value.
We continue to search for opportunities and have signed several confidential agreements that allow us to evaluate promising overseas projects in detail. We are currently negotiating the structure of a farm in or other joint venture arrangement with the operators of projects we have identified that meet our requirements.
While we have been focusing on Europe and the Middle East, we continue to review Canadian based projects. We believe that natural gas prices in Western Canada will be low for many years and we review Canadian based opportunities in that light.
PRD Energy continues to enjoy a strong cash position which will allow us to exploit opportunities that meet the Company's evaluation metrics.
PRD Energy is a Calgary-based oil and natural gas company engaged in the exploration for and the acquisition, development and production of natural gas and crude oil, principally internationally as well as in western Canada. The Company's common shares trade on the TSX Venture Exchange under the symbol "PRD".
Statements in this press release contain forward-looking information including expectations. Readers are cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. These risks include, but are not limited to; the risks associated with the oil and gas industry, commodity prices and exchange rate changes. Industry related risks include, but are not limited to; operational risks in exploration, development and production, delays or changes in plans, risks associated with the uncertainty of reserve estimates, health and safety risks and the uncertainty of estimates and projections of production, costs and expenses. The risks outlined above should not be construed as exhaustive. The reader is cautioned not to place undue reliance on this forward-looking information. The Company undertakes no obligation to update or revise any forward-looking statements except as required by applicable securities laws.
Neither the 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.
SOURCE PACIFIC RODERA ENERGY INC.
For further information: For further information: Michael Greenwood, Chairman and Chief Executive Officer; Mark Hornett, President and Chief Operating Officer, Telephone: (403) 234-0501, Facsimile: (403) 234-0511