CALGARY, ALBERTA--(Marketwired - April 22, 2015) - Mapan Energy Ltd. ("Mapan" or the "Company") (TSX VENTURE:MPG) is pleased to announce the appointment of Brian Prokop, Managing Director, Capital Markets at Integral Capital Markets and Chairman and CEO of Echelon Foods, as an additional independent director of the Company effective immediately.
Mr. Prokop brings over 30 years of industry experience to the Board, including as Chief Executive Officer of Argent Energy Trust from 2011 to 2014; Vice President, Capital Markets of Daylight Energy Ltd. from 2010 to 2011; and Director, Institutional Equity Sales at National Bank Financial from 2007 to 2010. Mr. Prokop is a Professional Engineer and Chartered Financial Analyst and has also previously held executive, technical and/or financial roles with Canaccord Capital Corporation, Peters & Co. Limited, Talisman Energy and Shell Canada.
Upon Mr. Prokop's appointment, Wilf Gobert, the Chairman of the Board of Mapan said, "Brian's 30 years of broad operational and financial experience across all facets of the oil and gas industry will add valuable perspective to our Board of Directors. We appreciate his willingness to serve as a director and look forward to benefitting from his judgment and counsel."
Mapan also announces that it has set June 25, 2015 as the date for its annual and special meeting of shareholders. In addition to the annual business to be conducted at the meeting, it is expected that shareholders will be asked to pass a special resolution approving a reduction in the stated capital of the Company. This will provide Mapan greater flexibility to buy back some of its outstanding common shares pursuant to a normal course issuer bid that the Company intends to proceed with subject to shareholders approving the reduction in the stated capital and the receipt of customary stock exchange approval. Further details in respect of the business to be conducted at the annual and special meeting, including the proposed reduction of stated capital, will be set forth in the information circular to be sent to shareholders in respect of the meeting and which will be available under the Company's profile on SEDAR at www.sedar.com.
About Mapan
Mapan owns production, lands and P&NG rights in two areas of the Alberta and British Columbia Deep Basin comprised of 200,000 gross acres (159,000 net acres) of which approximately 119,000 net acres are undeveloped lands. Mapan commenced trading on the TSX-V under the symbol "MPG" on September 10, 2014.
ADVISORY: This press release contains forward looking statements. More particularly, this press release contains forward looking statements relating to the timing of Mapan's AGM, the business expected to be conducted at the AGM, and Mapan's intention to conduct a normal course issuer bid following the AGM in the event the reduction in stated capital is approved. Although Mapan believes that the expectations reflected in these forward looking statements are reasonable, undue reliance should not be placed on them because MAPAN cannot give assurances that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Risks include risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets and other economic and industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling services, incorrect assessment of value of acquisitions and failure to realize the benefits therefrom, delays resulting from or inability to obtain required regulatory approvals, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources and economic or industry condition changes. Actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, the timing thereof. Additional information on these and other factors that could affect MAPAN are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). The forward looking statements contained in this press release are made as of the date hereof and Mapan does not undertake any obligation to update publicly or revise any forward looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.