CALGARY, ALBERTA--(Marketwired - July 3, 2014) - MAGNUM ENERGY INC. ("Magnum" or the "Corporation") (TSX VENTURE:MEN) Magnum announces that Richard Nemeth, president & CEO has submitted his resignation to the board of directors to address chronic health issues. Mr. Nemeth will remain in the role of Chief Executive Officer over next two months to assist in the transition to the new president, Mr. Bob Stinn.
Mr. Bob Stinn P.Eng, brings over 30 years of industry experience covering a broad spectrum of roles, from president & CEO of a private oil and gas junior to V. P. of operations and senior production engineering positions.
Mr. Stinn has consulted to Magnum Energy Inc. on a part time basis as the Company's operations engineer for over 5 years and has an intimate knowledge of the Company's properties, wells, and facilities. Besides Mr. Stinn's duties as an operations engineer, Bob has assisted the company with acquisitions, financing activities, and merger/acquisitions due diligence.
The Board would like to thank Mr. Nemeth for all his efforts in building the assets and operations of Magnum. The Board would also wish him every success in meeting the health challenges which he is facing, and looks forward to his continuing role as a Board member and strategic advisor to the Company.
Neither 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.