CANADA ENERGY PARTNERS ANNOUNCES CEO TRANSITION

2022-02-15 09:01 ET - News Release

Mr. Grant Hall reports

Canada Energy Partners Inc.'s Duncan Nightingale has resigned as the company's chief executive officer effective Feb. 14, 2022. Grant Hall, Canada Energy's president and chairman, will again assume the duties of CEO until a suitable replacement can be identified. The company has initiated a search for a permanent leader.

"Canada Energy Partners is currently involved in late-stage, detailed negotiations with the government of Gabon and other entities regarding an oil and gas project. Negotiations and due diligence work is continuing without pause. The company's in-country technical team lead by Ricardo Chona, reservoir engineer, and Ricardo Penas, senior petroleum geologist, are well equipped to continue the project analysis," said Mr. Hall, chairman of Canada Energy Partners. "I would like to thank Duncan for his contributions during his brief time with the company and wish him success with any future endeavour."

The company is engaged in negotiations with the government of Gabon for the purpose of concluding a profit-sharing agreement related to the development of the Konzi oil project. The company has signed a letter of intent (see the company's press release of Sept. 9, 2021) with the Gabonese government. The company has submitted an economic proposal for review by the Ministry of Hydrocarbons and is awaiting their comments. Personnel from the company are in Gabon for the month of February to continue negotiations and to conduct further due diligence regarding the Konzi project.

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