Peregrine Energy Ltd. Announces Appointment of New Executive Management Team
Release Date: July 6, 2005
CALGARY, ALBERTA–(CCNMatthews – July 6, 2005) – Peregrine Energy Ltd. (TSX:PEG) (the “Company” or “Peregrine”) is pleased to announce additions to their senior management team consisting of Mr. Gary Gardiner as the Company’s new President, Chief Executive Officer and a Director, Mr. Art Flaws as Vice President, Engineering and Mr. George Hardisty as Vice President, Land and Business Development. Mr. Ed Marcinew continues in his role of Vice President Exploration and Mr. Willie Dawidowski remains as the Vice President of Finance and CFO.
The board of directors of Peregrine believes that the addition of this talented technical group, together with the current team, provides continuity and strength going forward to exploit the Company’s development and exploration opportunities. Their experience and success from their previous endeavours finds them well-suited for the challenge of growing Peregrine to the next level.
New Management Team
Mr. Gardiner has over 20 years experience in the oil and gas industry. Prior to joining Peregrine Mr Gardiner was with AEC/EnCana Corporation where he held various positions of increasing responsibility, most recently, the position of Vice President of the Fort Nelson Business Unit. In his career Mr. Gardiner has prepared and managed operating and capital investments in excess of $500MM per year and was responsible for the management of several multidisciplined technical teams to exploit and produce assets producing in excess of 400 mmcf/d gas and 1,200 bbls/d oil. Mr. Gardiner has extensive experience in oil and gas exploitation, production and long range planning, as well as acquisitions, drilling, completions, and operations. Previous employers include the City of Medicine Hat, Suncor and Home Oil. Gary holds a Bachelor of Science in Petroleum Engineering from the University of Alberta.
Mr. Flaws has been active in the oil and gas industry since 1976. Prior to joining Peregrine, Mr. Flaws held the position of Senior Development and Exploitation Engineer with EnCana Corporation. Previously, Mr. Flaws was an area Operations Manager with Paramount Resources Ltd. and Engineering Manager for the Southern District at Berkley Petroleum Corp. following the purchase by Berkley of Martel Resources Inc. where Mr. Flaws, as President and CEO, grew production to 450 BOE/day from start up. Prior to Martel, Mr. Flaws spent fourteen years at Petro-Canada Inc. in progressively more responsible positions in reservoir, exploitation, facilities and drilling roles. Mr. Flaws holds a Bachelor of Science in Petroleum Engineering from the Montana College of Mineral Science and Technology and is a member of the Association of Professional Engineers, Geologists & Geophysicists of Alberta.
Mr. Hardisty has worked as a staff landman and consultant in the oil and gas industry for 18 years while holding numerous positions, in land, with various junior and major producers. Prior to joining Peregrine, Mr. Hardisty was a Senior Landman for two years at EnCana Corporation and Burlington Resources Canada Ltd. handling negotiations in Alberta, including the Peace River Arch, and northeast British Columbia. Previously Mr. Hardisty consulted extensively in the area of asset management and acquisitions and divestments for Mobil Oil Canada, Saskatchewan Oil and Gas Corporation and Amoco Canada Petroleum Company Ltd. Mr. Hardisty also spent two years with Baycor Capital developing and closing mergers and acquisitions deals including the $800 MM Rigel/Inverness merger in 1997. Mr. Hardisty has a Bachelor of Arts from the University of Calgary and a Graduate Diploma in Business Administration from Lakehead University and is soon to be a member of the Canadian Association of Petroleum Landmen.
Private Placement Financing
In conjunction with the appointment of new management of the Company, Peregrine intends to proceed with a private placement financing to new management and certain third parties of up to 1,190,500 common shares at a price of $2.10 per share, for aggregate gross proceeds of up to $2,500,000, with the view to aligning management’s interest with that of shareholders in moving forward the Company’s operations.
Peregrine is a Calgary, Alberta based crude oil and natural gas exploration, development and production company.
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Peregrine Energy Ltd.
Peregrine Energy Ltd.
Peregrine Energy Ltd.