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TORTOLA, British Virgin Islands, April 17 /CNW/ - Orca Exploration Group Inc. ("Orca") has announced that Mr. Smith is a Director of Orca and was elected to the Board at the company's Annual General Meeting on November 14, 2006.
Mr. Smith has extensive oil and gas exploration experience in Africa and the Middle East. He was previously the Manager for New Ventures with Chevron and more recently was Vice President Exploration with PanOcean Energy Corporation. At PanOcean he was instrumental in the rapid development of a portfolio of onshore and offshore oil assets in Gabon which were sold in 2006. In consideration of Mr. Smith accepting his position with Orca he has been granted 200,000 Class "B" shares from Treasury to be held in escrow and issued to him in one third tranches on April 7, 2007, April 7, 2008 and April 7, 2009. Mr. Smith mandate will be to capture new opportunities for Orca with a particular focus on West Africa.
Orca (formerly Eastcoast Energy Corporation) is a TSXV listed company, focused on the exploration and production of natural gas and the sale of "Additional Gas" to markets in East Africa. The Company trades on the TSXV under the trading symbols ORC.B and ORC.A.
Forward Looking Statements
This disclosure contains certain forward-looking estimates that involve substantial known and unknown risks and uncertainties, certain of which are beyond Orca's control, including the impact of general economic conditions in the areas in which Orca 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 and obtaining required approvals of regulatory authorities. In addition there are risks and uncertainties associated with oil and gas operations, therefore Orca'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 will derive therefrom.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this Press Release.