(via Thenewswire.ca)
November 2, 2016 / TheNewswire /
Halio Energy Inc. (“Halio” or the “Company”) (TSXV - HOL) is proud to announce the confirmation of its
Technical and Operations leadership, in the wake of the recent announcement of its farm-out agreement to explore Oregon's Western
Idaho Basin for oil and gas.
Together with CEO Joe Casabona, the leadership team boasts over 100 years of experience in the oil and gas industry, having worked for, led, and
founded many of the sector's biggest names. Notably, all three have hands-on experience in the Western Idaho Basin.
CEO Joseph E. Casabona states, “There are few experts in the field with the experience
to match this team and there are none with more experience in the project in which we're beginning our company journey. As a young
energy company, we have told investors that we would aim to ensure our leadership team members are all of the highest capability
level and will bring real world knowledge to the projects we undertake. This announcement is evidence that we're good to our
word.”
Leading the team on the Operations side is Ed
Davies, whose first key position was as Manager of Western Canada New Ventures for Shell, back
in 1969. Davies subsequently put 25 years in as Manager of Exploration and Development (North Sea), Manager of Gulf of Mexico
Division, Manager of Worldwide Exploration, and Managing Director (Nigeria) at Conoco. He was also a Senior Vice President of
Energy Corporation of America for a decade, and spent a further six years with Bridge Petroleum working the Western Idaho Basin. He
will lead as Halio Energy's Operations Team.
Leading the team on the Technical side is Tom
Stewart, following an extensive career working with Conoco, Thomasson Partner Associates
(TPA), and Energy Corporation of America, where he worked alongside Joe Casabona and Ed Davies. Stewart's extensive technical
knowledge was earned developing prospects in the Rockies, the Gulf Coast and the UK North Sea, but it was his time at TPA and
Bridge Petroleum that made him an expert on the Western Idaho Basin.
Halio announced its farm-out agreement last week, aiming to drill several high-priority
oil and gas prospects in Oregon's Western Idaho Basin ("the Project"), conditional on the Company obtaining financing on terms and
conditions satisfactory to the Company. The area covered by the agreement is approximately 57,000 acres, where 10 initial prospects
have been identified.
The Company can earn a 50% interest in the Project by funding additional 3D seismic and
the drilling of three conventional wells. Estimated drilling and completion costs for each well is $1 million USD. Subsequent to
the drilling of the three initial wells, Halio will become the operator of the Project, and will retain the option to increase its
working interest in the leases through direct purchase.
To read more information about the Western Idaho Basin project, and the management
team, interested parties should visit the Halio Energy website at www.halioenergy.com
ABOUT HALIO ENERGY:
Halio Energy Inc. (TSXV: HOL) plans to invest in North and South American-based oil and
gas upstream and producing properties, and seeks to procure direct working interests on a non-operated basis as well as limited partnership, joint venture, and MLP interests. Our proposed acquire-and-exploit strategy is
focused on properties that show significant opportunities for future scalability, growth and consolidation, targeting assets that
provide long-life, high-quality production with relatively predictable decline curves, as well as low-risk development
opportunities.
The Board is reviewing its mineral exploration properties and strategies in connection
with the new direction of the Company but no determination has been made at the current time.
ON BEHALF OF THE BOARD OF DIRECTORS OF HALIO ENERGY INC.
Per: Joseph E. Casabona, President and CEO
For further information, please contact:
Halio Energy Inc.
Telephone: 604-638-5817
Email: info@halioenergy.com
This press release contains forward‐looking
information that involve various risks and uncertainties regarding future events. Such forward‐looking information can include without limitation statements based on current expectations
involving a number of risks and uncertainties and are not guarantees of future performance of the Company, such as statements that
the Company intends to: (i) pursue a new business direction in the oil and gas industry; (ii) invest in conventional and
unconventional oil and gas upstream and producing properties; and (iii) procure direct working interests on a non-operated basis as
well as limited partnership, joint venture and MLP interests. There are numerous risks and uncertainties that could cause actual
results and the Company’s plans and objectives to differ materially from those expressed in the forward‐looking information, including: (i) adverse market conditions; (ii) risks inherent in the oil and
gas industry in general; (iii) the inability of the Company to finance its growth; or (iv) the inability to identify and acquire
suitable property interests. Actual results and future events could differ materially from those anticipated in such information.
These and all subsequent written and oral forward‐looking information are based
on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice.
Except as required by law, the Company does not intend to update these forward‐looking statements.
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.
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