2013-09-09 19:19:05 -
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES
Calgary, Alberta CANADA, September 09, 2013 /FSC/ - Petrodorado Energy Ltd. (PDQ - TSX Venture), ("Petrodorado" or the "Company"), is pleased to announce the appointment of Brian Smith, P.Eng. as Vice President of Operations.
Mr. Smith, former Production Manager of Petrominerales Ltd., has agreed to terms of employment and has commenced his role with the Company, effective September 9, 2013. Mr. Smith brings more than 25 years of oil and gas experience, of which 11 years have been spent at the international level.
Brian worked over five years for Petrominerales Ltd, where he assumed various responsibilities including the management of production operations as well as the oversight
of the testing, evaluation and development of new oil and gas wells within Colombia and Peru. He also previously worked within various subsidiaries of Schlumberger Ltd. throughout his employment there from 1988 to 2007 where his experience included time in their oil and gas operations in Canada, Saudi Arabia, and Venezuela.
"Brian's expertise includes in-depth knowledge and noted success within the Llanos Basin of Colombia, where the Company currently has a 30% non-operated working interest in the CPO-5 Block," said Krishna Vathyam.
The Company, under the new Vice President of Operations, will focus on exploration and development of its current large portfolio of exploration blocks. Brian's expertise will increase the Company's technical proficiency, especially as it relates to the Llanos Basin in Colombia.
Krishna Vathyam, Chairman, President and CEO of Petrodorado Energy Ltd.
"Brian brings a unique blend of operating experience, strategic thinking as well as critical experience in Colombia including the Llanos Basin. I am looking forward to working with Brian to drive Petrodorado forward."
Brian Smith, Vice President of Operations of Petrodorado Energy Ltd.
"I am very much looking forward to my new role within the Petrodorado organization. The Company caught my interest primarily due to its excellent potential, driven by a balanced portfolio composed of resource plays coupled with solid and proven exploration upside in the Llanos Basin. These two components are critical to any company wishing to create a sustainable future, especially if its operations are concentrated in Colombia. The challenge of course will be to unlock this potential, but this can be done with hard work and the application of regional best practices and lessons learned. My initial focus will be to sit with the Company's principals to create a clear roadmap, with milestones and a firm timeline, to get our Company and our shareholders to where we want to be in the short and medium terms."
About Petrodorado Energy Ltd.
Petrodorado is primarily engaged in petroleum and natural gas exploration and development activities in Colombia. Its head office is located in Calgary, Alberta, Canada and Petrodorado's common shares are traded on the TSXV under the trading symbol "PDQ".
For further information, please contact:
Krishna Vathyam, Chairman, President and CEO
Chris Reid, VP of Finance and CFO
Cautionary Note Regarding Forward-Looking Statements
Except for the statements of historical fact contained herein, certain information presented herein constitutes "forward-looking statements". Such forward-looking statements, including but not limited to the expected timing from the Company's drilling and testing results are subject to numerous uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers are cautioned that the assumptions used in the preparation of the forward-looking statements, although considered reasonable at the time of preparation may prove to be imprecise and, as such undue reliance should not be placed on forward-looking statements. These forward looking statements are based upon assumptions that the Company has made concerning the oil and gas industry in Colombia, the reliability of available data regarding the properties in question, and the continuing market for oil and gas. Risk factors may include the uncertainty of conducting operations under a foreign regime, the availability of labour and equipment, the fluctuating price of oil and gas, and the Company's dependence upon other participants in the property areas. Neither the Company nor any of its subsidiaries nor any of its officers or employees guarantees that the assumptions underlying such forward-looking statements are free from errors, nor do any of the foregoing accept any responsibility for the future accuracy of the opinions expressed in this document or the actual occurrence of the forecasted developments.
The forward-looking statements contained in this press release are made as of the date of this press release. The Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by third parties in respect of the matters discussed above.
"Data obtained from the initial testing results at the well identified in this press release, which may include barrels of oil produced and levels of water-cut, should be considered to be preliminary until a further and detailed analysis or interpretation has been done on such data. The well test results obtained and disclosed in this press release are not necessarily indicative of long-term performance or of ultimate recovery. The reader is cautioned not to unduly rely on such results as such results may not be indicative of future performance of the well or of expected production results for the Company in the future."
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the press release as a PDF file, please click on the following link:
Source: Petrodorado Energy Ltd. (TSX-V: PDQ) www.petrodorado.com
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