NR - Passport Energy Announces Addition of Oil andCalgary, Alberta CANADA, April 12, 2011 - Passport Energy Ltd. (PPO - CNSX), announces that it has strengthened its management team by making two new appointments. Bruce Murray who is a director and Chairman of the board has now been appointed to the Chief Executive Officer and Daniel Tiberio as Vice President, Operations.
Bruce Murray brings to the Company over 30 years of experience gained in various positions with emerging, junior and senior oil and gas companies. Mr. Murray was President and Director of Tenergy Ltd., which was sold in 2006. He was also a co-founder, Director and Chief Operating Officer of Purcell Energy Ltd., which sold two-thirds of its oil and gas assets in mid-2005 and spun-out its remaining assets into two separate exploration companies, one being Tenergy Ltd. "We are very pleased to have Bruce Murray as our new C.E.O. and Chairman of the Board. Bruce has a proven track record and strong execution skills in the early development of junior oil and gas companies. We believe that over the coming years, Passport Energy will grow and will have the management team to drive shareholder value", said Frank Port, President.
Mr. Daniel Tiberio is a Petroleum Engineering Technologist, with over 16 years of experience in oil and gas Exploitation and Optimization of assets in Western Canada. Along with working for Major oil and gas producers such as CNRL, Rio ALto and Norcen Energy Ltd., Mr. Tiberio has spent the last 8 years working for junior oil and gas companies with a main focus of maximizing asset values by optimization production, minimizing operating costs and managing drilling programs within a multi-disciplinary team. He has held both management and officer positions with junior companies such as Tenergy Ltd. and Purcell Energy Ltd. and most recently Monterey Exploration Ltd. which sold to Pengrowth Energy Trust.
"We are very pleased to welcome Daniel to the team as our new Vice President, Operations", said Frank Port. "Daniel has been involved in a number of junior oil and gas companies and his contribution to Passport will be positive for shareholders."
The board has accepted the resignation of Asif Khan from the board, who has now been added to the Company advisory committee. "On behalf of the board, we would like to thank Asif Khan for his contributions to Passport Energy and while his personal and business life remains extremely busy, we are pleased that he has agreed to stay on as an advisor to the board and his continued contribution."
With respect to the Hardy Bakken Field, the Company continues its negotiations and both parties are working toward having a Definitive Formal Agreement in place shortly. As announced, December 22, 2010, the Agreement would set the stage for a potential 14 - 28 new horizontal wells to be drilled.
The Company is a junior natural resource exploration company focused on the acquisition, exploration, and development of economically viable natural resources, with a focus on Bakken oil and gas projects. The Company currently owns 60% of 43,584 gross acres of oil and gas leases in "The SweetGrass Arch" Prospect located in Toole and Pondera Counties, Montana. The SweetGrass Arch prospect has significant gas potential as well as Bakken oil potential. The Company also has signed a letter of intent allowing it to earn a 25% interest on up to two wells and associated acreage in the Hardy Bakken Field in south-eastern Saskatchewan. The Company continues to seek additional oil and gas properties.
The Company Trades on the CNSX under the trading symbol "PPO".
The CNSX does not accept responsibility for the adequacy or accuracy of this news release.
For more information, please refer to the Company's public documents available on SEDAR (www.sedar.com).
For further information contact:
Frank Port
President and Director
Tel: 604-805-9999
E-mail: fport@passportenergy.com
Website:
www.passportenergy.com