Ontario, Canada - Candax Energy Inc. ("Candax") (TSX: CAX), announces the appointment of Hywel John to the position of Chief
Financial Officer. Hywel John is a Chartered Accountant having qualified
with Arthur Andersen in London, England. Prior to joining Candax, his most
recent position was as Company Secretary and Legal and Commercial Director
for Burren Energy PLC, a London-based listed company recently acquired by
ENI in February 2008. Prior to working for Burren Energy, Mr. John worked
for seven years in public accounting in London and Houston during which
time he focused on clients in the energy sector. He has subsequently spent
16 years in senior positions in the oil industry and his responsibilities
have included management of joint venture investments and legal affairs,
treasury, tax planning, M&A, corporate finance and financial and
management reporting. His international experience includes operations in
central Asia, India, Russia, Middle East and North Africa, West Africa, USA
and the UK North Sea. Mr. John will be based in Europe.
Christopher Hopkins, Candax's former Chief Financial Officer is leaving the
Company to pursue other business interests and has resigned his position as
Chief Financial Officer and Director.
Mike Wood, CEO, commented:
"Candax is pleased to have Hywel John join the Candax team. His
international financial management experience in the independent oil and
gas sector will significantly enhance Candax as the corporation moves
forward. Candax also wishes to thank Chris Hopkins for his contribution to
Candax both as a member of the executive management team and to the Board
of Directors in his roles of CFO and Director. We wish Chris all success on
his future endeavours."
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.
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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.