VANCOUVER, July 27, 2018 /CNW/ - PentaNova Energy Corp. (the
"Company") (TSXV: PNO), announces that the Board of Directors of the Company has approved a name change to "CruzSur
Energy Corp" and a consolidation of its issued and outstanding share capital on the basis of one new common share for ten
outstanding common shares, subject to TSX Venture Exchange approval. As a result, the outstanding common shares of the
Company will be reduced to approximately 24,220,160, subject to adjustment for fractional shares. The Consolidation will
also apply to Common Shares issuable upon the exercise of the Company's outstanding stock options and warrants.
The Company also announces a reorganization of it's Board of Directors with the resignations of Mr. Serafino Iacono, Mr. Francisco Sole, Mr. Hernan
Martinez and Mr. Jaime Perez Branger, who all joined the Board of Directors in 2017.
Following their departure, the Company's Board of Directors comprises of Frank Giustra,
Gordon Keep, Ralph Gillcrist and Jeffrey
Scott.
Ralph Gillcrist stated "We are carrying out actions that places the Company on a new path
and the corporate name change is part of our new identity moving forward. Our strategy is to refocus the Company's asset
portfolio, concentrating on assets which will fund core exploration. We have now implemented industry standards and processes
which will improve execution efficiency and the ultimate goal is to build a profitable self-sustaining energy
company."
About PentaNova Energy Corp.
PentaNova Energy Corp. is a publicly traded E&P company focused on proven oil & gas plays in Latin America. The Company holds a large diversified portfolio of producing, development and unexploited
assets in Colombia and Argentina where it will leverage its
amplitude of technical expertise and proven track record building companies and creating value.
Complete reports and statements are available on SEDAR at www.sedar.com and
on the Company website www.pentanovaenergy.com.
Forward-Looking Information
Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning
of the applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this
news release. The information in this news release about the completion of the operations described herein, and other
forward-looking information includes but is not limited to information concerning the intentions, plans and future actions of the
parties to the transactions described herein and the terms of such transaction.
Factors that could cause actual results to differ materially from those described in such forward-looking information
include, but are not limited to, risks related to the Company's inability to perform the proposed operations.
The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the
Company based on information currently available to the Company. In connection with the forward-looking information contained in
this news release, the Company has made assumptions about the Company's ability to complete the planned operations and
activities. The Company has also assumed that no significant events will occur outside of the Company's normal course of
business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable,
forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such
information due to the inherent uncertainty therein.
Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable
securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of
new information, future events or results or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE PentaNova Energy Corp.
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