TSX-V: ORC.A, ORC.B
TORTOLA, British Virgin Islands, April 16, 2012 /PRNewswire/ - Orca Exploration Group Inc. ("Orca" or the "Company") announces that Beer van Straten has been named Chief Operating Officer effective immediately. He will assume responsibility for the Company's field operations including a large scale development and exploration drilling program in Tanzania. He replaces Dale Rollins who resigned as Chief Operating Officer in March 2012.
In making the appointment announcement Orca Chairman and CEO W. David Lyons said, "We are very fortunate that Beer van Straten has agreed to become Orca's Chief Operating Officer. He brings extensive large scale drilling and operations experience to our team in Africa."
Orca is currently drilling a development well (SS-11) on Songo Songo Island in Tanzania and, subject to funding, plans to drill a second development well (SS-12) later this year. This development drilling program is intended to increase Songo Songo gas production from 113 MMcfd to over 200 MMcfd. Additional gas production is urgently needed to meet current and future power generation demand in Tanzania. In addition to the two development wells the Company has announced plans to drill an exploration well at Songo Songo West.
Beer van Straten is a senior international oil and gas industry executive with over 20 years of high level exploration, production and commercial experience in the North Sea, Middle East and Africa. He has been associated with Orca since June 2010 when he joined Orca's Board of Directors. Beer van Straten began his career with Shell in 1988 and worked across North Africa managing operations for Shell and other oil and gas operators. Prior to his work with Orca he managed an aggressive five-rig drilling program for Dana Gas in Egypt that led to doubling their reserves and raising production by 50% managing a staff of 800 and 400 contractors.
Beer van Straten studied at Delft University of Technology where he graduated with a MSc. in Mechanical Engineering.
Orca Exploration is an international public company engaged in natural gas exploration, development and supply in Tanzania and oil and gas appraisal in Italy. Orca Exploration trades on the TSXV under the trading symbols ORC.B and ORC.A.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This document contains forward-looking statements. More particularly, this document contains statements concerning, but not limited to, Orca's plans to drill a second development well and the timing thereof; the expected increase to Songo Songo gas production as a result of the development drilling program; and the Company's plans to drill an exploration well at Songo Songo West. These forward-looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond Orca Exploration's control, including, but not limited to, the impact of general economic conditions in the areas in which Orca Exploration operates, civil unrest, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility, competition for, among other things, capital, drilling equipment and skilled personnel, and obtaining required approvals of regulatory authorities. In addition there are risks and uncertainties associated with oil and gas operations, therefore Orca Exploration's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking estimates and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking estimates will transpire or occur, or if any of them do so, what benefits, including the amounts of proceeds, that Orca Exploration will derive therefrom. Such forward-looking are based on certain assumptions made by Orca in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors Orca believes are appropriate in the circumstances, including, but are not limited to, the ability of Orca to add production at a consistent rate; commodity prices will not deteriorate significantly; the ability of Orca to obtain equipment in a timely manner to carry out exploration, development and exploitation activities; and future capital expenditures. The forward-looking statements contained in this press release are made as of the date hereof and Orca undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
SOURCE Orca Exploration Group Inc.