2014-04-09 00:20:08 -
Vancouver, British Columbia CANADA, April 08, 2014 /FSC/ - Enfield Exploration Corp.(the "Company" or "Enfield") (CSE:EXP) wishes to announce Daniel Castillo has been appointed as President, Chief Executive Officer and a director of the Company.
Mr. Castillo brings 25 years of experience in the oil and gas, nuclear power, and high technology industries of Latin America. Mr. Castillo's experience includes developing and managing private- and public-sector business projects all over Latin America. He has managed large projects for companies including YPF, Usinas Y Transmisiones Electricas (Uruguay), Pan American Energy, ENAP, Exxon, Petrobras, Total, Brias, Pecom Energia, Dow Chemical, NASA, Nucleo Electrica Argentina SA and Gas Natural, with full responsibility for operations, safety, engineering, purchasing and finance. Active in many industry
associations, Mr. Castillo graduated from the renowned Instituto Balseiro in Bariloche, Argentina, with a degree in Nuclear Engineering. Mr. Castillo has been involved in the construction, commissioning, and operation of nuclear power stations designed by Atomic Energy of Canada (AECL) for the Argentine National Atomic Energy Commission (CNEA). Mr. Castillo is also co-founder of COTESA, an oil and gas service provider. Based in Argentina and operations all over Latin America, COTESA implemented and integrated different type of services and operations for oil and gas companies such as YPF SA, the largest integrated oil company in Argentina. COTESA was responsible for commissioning and automating the NPF, SPF, Shushufindi, and Lago Agrio oilfields and blending pumping facilities in the Ecuadorian Amazonas. All this accumulated experience makes Mr. Castillo a very valuable addition to the Enfield team. Mr. Castillo replaces John Bevilacqua who resigned April 8, 2014. The Company wishes to thank Mr. Bevilacqua for his contribution to the Company.
Further, Enfield wishes to announce it has entered into a consulting agreement with Gallop LLC ("Gallop") for an initial one-year term, subject to automatic renewal, whereby Gallop will use its best efforts to introduce the Company to parties from which the Company may acquire Argentine oil and gas interests ("Interests") for compensation of a 5% finder's fee payable in cash within 5 business days of the closing of each transaction by which Interests are acquired by the Company from parties introduced by Gallop.
Finally, Enfield wishes to announce that Gallop has acquired 4,000,000 common shares of the Company (representing 12.5% of the issued and outstanding share capital) by way of private share transfer from John Bevilacqua, our former CEO, at a price of $0.00125 per share for an aggregate purchase price of $5,000. By a stock restriction agreement with the Company, Gallop has agreed that it will not transfer or otherwise dispose of its 4,000,000 shares except that such restriction will not apply to proportions of the shares vesting as follows:
Vesting Date Proportion of Vested Shares
October 8, 2015 1/4 of the Shares
November 27, 2015 1/3 of the remainder of the Shares
May 27, 2016 1/2 of the remainder of the Shares
November 27, 2016 The remainder of the Shares
and provided however that such restrictions will not apply to:
a) a transfer of the shares to any employee, senior officer, director or consultant of the Company;
b) a transfer of the shares to the Company pursuant to a redemption initiated by the Company; and
c) a transfer of the shares made as a distribution solely to members, partners or shareholders of Gallop;
so long as such transferee agrees to the same transfer restrictions.
Enfield Exploration Corp. is engaged in the acquisition, exploration and development of mineral and oil and gas resources. Enfield has the right to acquire mineral interests covering approximately 486 hectares in central Yukon Territory, and is currently evaluating oil and gas opportunities in Alberta and in Argentina.
Further information about the Company is available under its profile on the SEDAR website www.sedar.com and the CSE website www.thecse.com.
For further information, please contact:
Chief Financial Officer
Enfield Exploration Corp.
The CSE has not reviewed, approved or disapproved the content of this press release.
This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by management, including future plans for the exploration and development of the mineral properties of the Company. Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, investors should not unduly rely on the forward-looking information because the Company cannot assure that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. The Company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
To view the press release as a PDF, please click on the following link:
Source: Enfield Exploration Corp. (CNSX: EXP) cnsx.ca/CNSX/Securities/Mining/Enfield-Exploration-Corp.aspx
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