Toronto, Ontario, Canada – Candax Energy Inc. (“Candax”) [TSX: CAX
] is pleased to announce that W. Adrian Loader, until recently President of Shell Canada Limited, has joined the Board of Candax and has been appointed as Non-Executive Chairman.
Mr. Loader has over 35 years experience in the international oil industry, the majority of which has been spent with the Royal Dutch Shell Group, where he held numerous senior executive positions before retiring on December 31, 2007. Adrian also serves as a Non-Executive Director of Holcim (Schweiz) AG, one of the world’s leading suppliers of cement and aggregates, and is a Member of the European Advisory Board of Air Products and of the International Advisory Board of Garda World.
Michael Wood, President & CEO stated:
“I am pleased to welcome Adrian Loader to Candax. As Chairman, he brings a wealth of international oil and gas experience and industry/investor relationships at the highest levels. We look forward to benefiting from his guidance and advice as we continue to develop Candax and build shareholder value and undoubtedly Adrian’s global network and international status will benefit Candax as we move forward.”
Candax Energy Inc. is an international energy company with its head office in Toronto, Ontario, Canada and management offices in London, Dubai and Tunis. The Company holds a number of concessions in Tunisia through its subsidiary companies and is involved in the exploration and production of oil, gas and power generation in the country. Candax was formed through the combination of a highly experienced executive management team with successful Canadian founders and financiers, to develop an international upstream oil and gas project portfolio. Candax is initially focusing its growth activities on production and development projects in the Middle East and North Africa, where the group has strong relationships as well as extensive management experience.Not for distribution to United States newswire services or for dissemination in the United States.
This press release includes "forward looking statements", within the meaning of applicable securities legislation, which are based on the opinions and estimates of Management and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "budget", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar words suggesting future outcomes or statements regarding an outlook. Such risks and uncertainties include, but are not limited to, risks associated with the oil and gas industry (including operational risks in exploration development and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections in relation to production, costs and expenses; the uncertainty surrounding the ability of Candax Energy Inc. to obtain all permits, consents or authorizations required for its operations and activities; and health safety and environmental risks), the risk of commodity price and foreign exchange rate fluctuations, the ability of Candax Energy Inc. to fund the capital and operating expenses necessary to achieve the business objectives of Candax Energy Inc., the uncertainty associated with commercial negotiations and negotiating with foreign governments and risks associated with international business activities, as well as those risks described in public disclosure documents filed by Candax Energy Inc. Due to the risks, uncertainties and assumptions inherent in forward-looking statements, prospective investors in securities of Candax Energy Inc. should not place undue reliance on these forward-looking statements. Statements in relation to "reserves" are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described can be profitably produced in the future.
|Tracy Weslosky or Fred Cowans|
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