CALGARY, Dec. 17 /CNW/ - TORC Oil & Gas Ltd. ("TORC") is pleased to announce the appointment of a management team (the "Management Team") and Board of Directors, and the closing of a private placement to insiders of TORC (collectively the "Transaction"). The Management Team is comprised of individuals who formerly led the successful TriStar Oil & Gas Ltd. ("TriStar") and Result Energy Inc. ("Result").
The Management Team will be led by Brett Herman as President & Chief Executive Officer, Jason Zabinsky as Vice President, Finance & Chief Financial Officer, Eric Strachan as Vice President, Exploration, Jeremy Wallis as Vice President, Land, Mike Wihak as Vice President, Operations, and Filippo Angelini as Vice President & Controller.
Upon completion of the Transaction, the new Board of Directors will be comprised of John Brussa, Raymond Chan, Bruce Chernoff, Brett Herman, David Johnson, Dale Shwed, and Hank Swartout. James Pasieka will act as corporate secretary.
The Management Team has a successful track record of creating shareholder value through an integrated strategy of acquiring, exploiting and exploring. Most recently, at Result, the Management Team identified the Cardium as an emerging oil resource opportunity and successfully executed on a land consolidation strategy, adding over 150 (100 net) Cardium sections and more than 300 drilling locations. Prior to Result, the Management Team grew TriStar from 1,000 Boepd to more than 25,000 Boepd in just over 3 ½ years through the successful execution of several strategic acquisitions combined with a low risk development drilling program and an exploration program that expanded and defined the prolific Bakken resource play in southeast Saskatchewan.
In addition to the Management Team, the Board of Directors has a track record of building, financing and directing oil and gas companies and brings a wide range of experience, knowledge and innovation to TORC.
The Management Team has worked closely together for several years building successful companies and has an established track record of achieving its goal of cost effective per share growth by implementing its proven strategy of acquiring, exploiting and exploring while focussing on large oil-in-place assets. The combined technical expertise of the Management Team, particularly in consolidating and integrating strategic acquisitions and with drilling horizontal wells with multi-stage completions, will be invaluable as this experience is applied to emerging oil resource plays.
The term "Boe" may be misleading, particularly if used in isolation. A boe conversion of 6 Mcf: 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.