CGX Appoints Dr. Dennis A. Pieters to the Board of Directors
CGX Energy Inc. (TSX-V
- OYL) ("CGX" or the "Company") is pleased to announce that
Dr. Dennis A. Pieters, subject to regulatory review, has been appointed to the
Company's board of directors. Dr. Pieters is a Reservoir Engineer with over 30 years experience in the E&P industry. Since 2009
he has held the position of Director of Reservoir Engineering for Huber Energy
LP, a company involved in the exploration, development and production of oil
and gas in Texas, Colorado, Wyoming and Utah. Huber Energy LP,
is a subsidiary company of J. M. Huber Corporation, one of the largest
privately held companies in the US with diversified interests and operations in
20 countries. Over his career, Dr. Pieters has worked
in senior reservoir engineering positions on behalf of a number of major oil
E&P companies including Conoco Phillips, Halliburton, Shell Oil, Saudi
Aramco and Amoco. In 2003, Dr. Pieters was
appointed Subject Matter Expert to the US Army Corps of Engineers for Task
Force RIO. His team was tasked with developing an estimate for rebuilding Iraqi
oil infrastructure to pre-war levels for delivery to the President of the
United States. The $18.4 Billion cost estimate was approved by Congress.
He holds a B.Sc. in
Geological Engineering, a M.Sc. in Petroleum Engineering and a Ph.D. in
Petroleum Engineering, all from the Colorado School of Mines, He is the author
of a textbook on "Decision Making in Oil & Gas", has published a
number of seminal publications in the field, and taught Reservoir Engineering
courses at Colorado School of Mines. Dr. Pieters
resides in Katy, Texas and is originally from Guyana where he attended Queens
College.
Dr. Suresh Narine, Chairman, stated, "The CGX board of directors
welcomes Dr. Pieters. His wealth of E&P
experience will be very useful as the Company pursues its petroleum exploration
portfolio."
Dr. Pieters has been granted 300,000 stock options exercisable
at a price of $0.30 until May 22, 2017.
CGX Energy is a
Canadian-based oil and gas exploration company focused on the exploration of
oil in the Guyana-Suriname Basin, an area ranked second in the world for oil
and gas prospectivity by the United States Geological
Service. CGX is managed by a team of experienced oil and gas and finance
professionals from Guyana, Canada, the United States and the United Kingdom.