Vancouver, British Columbia, April 30, 2013
Acadia Resources Corp. (“Acadia” or “the Company”) (TSX.V: AIC) is pleased to announce key additions to its Board of Directors. Yogeshwar Sharma and Peter Clutterbuck; two petroleum executives with nearly 80 years of combined experience in the international oil and gas industry have agreed to join the Company’s Board of Directors.
In addition as part of its reorganization the Company will:
- complete a non-brokered private placement to the new directors as well as to certain additional subscribers for proceeds of up to $500,000 (the “Private Placement”).
- complete a 3-for-1 consolidation of its outstanding shares, and a name change, and to change its corporate jurisdiction from British Columbia to Jersey, Channel Islands (the “Restructuring”).
It is anticipated that the Private Placement will be completed by the Company issuing subscription receipts (the “Receipts”) at the price of $0.05 per Receipt with each Receipt automatically converting into one (1) post consolidated common share of the Company. The Receipts and the resulting shares will have the usual 4 month hold period.
The Company will seek approval of the Restructuring at an Extraordinary General Meeting of its shareholders. The New Directors The New Directors have a successful track record of establishing, managing, and growing internationally-focused petroleum exploration and development companies.
Yogeshwar Sharma Non-executive Chairman & Director
Mr. Sharma has over 40 years’ of broad international oil and gas industry experience. He is the co-founder of Hardy Oil and Gas plc, and served as its CEO until May 2012 when he stepped down to take a position as a non-executive director. Hardy is a Main London listed company with operations in offshore India. He also serves as a director of Longreach Oil & Gas, a TSXV-listed company with assets in Morocco.
Prior to founding Hardy, Mr. Sharma worked at Elf International in France and at Schlumberger Doll Research in USA. Mr Sharma graduated from the University of Alberta in Mech. Eng and did his Post Graduate Studies at the University of Calgary in Chemical Engineering. He is a Registered Professional Engineer in Alberta, Canada, a full member of the SPE and a member of the ‘Society of Applied and Industrial Mathematics. Mr. Sharma has published articles on Reservoir Engineering and Reservoir Modelling in the Journal of Petroleum Engineering and was voted the 2008 Ernst & Young London Entrepreneur of the year.
Peter Clutterbuck Director
Mr. Clutterbuck was most-recently CEO of AIM-listed 3Legs Resources, which operated the first shale gas production in Europe. Previously, he was CEO of TSXV-listed Orca Exploration, which developed the Songo Songo gas field in Tanzania, and VP Operations for Gabon-focused Pan-Ocean Energy, which was sold for $1.6 billion to Addax Petroleum. A former Director of AIM listed Northern Petroleum (CEO), President Petroleum, and Mediterranean Oil and Gas, Mr. Clutterbuck was responsible for the discovery of the Rubiales Field in Colombia. He had a 15-year career in management positions with the BP group in Abu Dhabi, North Sea, and Alaska, and he served on the Board of the SPE in London. He holds a degree in Engineering from Cambridge University.
Exchange Approvals
Completion of the Private Placement and of the Restructuring are subject to a number of conditions and approvals including, but not limited to, the approval of the TSX Venture Exchange.
Director Resignations
Mr. Carl Von Einsiedel has tendered his resignation as a director of the Company effective immediately. The Board of Directors wishes to thank Carl for his contribution to the Company and wishes him well in his new endeavours.
ON BEHALF OF ACADIA RESOURCES CORP
/S/ “Thomas J. Kennedy” Thomas J. Kennedy,
President and Chief Executive Officer
For further information contact Thomas J. Kennedy, at (604) 682-2928
NEITHER THE TSX VENTURE EXCHANGE NOT ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR ADEQUACY OR ACCURACY OF THIS RELEASE