Petrodorado Revises Re-Pricing of Stock Options
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR
DISTRIBUTION TO U.S. WIRE SERVICES
Calgary, Alberta CANADA, August 21, 2012 /FSC/ - Petrodorado Energy Ltd. (PDQ - TSX Venture), announces that the Board of Directors has amended the resolution providing for the re-pricing of certain incentive stock options as more particularly described in a press release of the Company dated July 12, 2012, and in the management information circular dated July 31, 2012, (the "Circular") in connection with the annual general and special meeting of shareholders to be held on August 28, 2012 (the "AGM").
The Board of Directors of the Company has determined that only incentive stock options held by employees, non-director officers and consultants should be re-priced to provide the necessary retention incentive for such individuals. As such, the members of the Board of Directors have determined that the incentive stock options held by the Directors will not be re-priced. As a result, the list of individuals whose stock options are being re-priced and the specifics of the re-pricing are as set forth below:
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Subject Participant Date of Grant Options Granted
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Max Rolla JAN 31 2010 2,000,000
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Arturo Lara JAN 31 2010 2,000,000
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Emir Arzola JAN 31 2010 2,000,000
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Jorge Garcia MAY 1, 2010 1,000,000
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Sam Charanek JAN 31 2010 2,000,000
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V.C. Mohan JAN 31 2010 2,000,000
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Federico Riart MAY 02 2011 750,000
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Hernando Carrillo Bravo MAY 02 2011 750,000
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Chris Reid SEP 12 2011 750,000
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Max Rolla SEP 12 2011 200,000
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Arturo Lara SEP 12 2011 200,000
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Emir Arzola SEP 12 2011 100,000
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Jorge Garcia SEP 12 2011 200,000
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Deisy Romero SEP 12 2011 30,000
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13,980,000
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Subject Participant Original Exercise Price Re-Priced Exercise Price
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Max Rolla $0.49 $0.25
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Arturo Lara $0.49 $0.25
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Emir Arzola $0.49 $0.25
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Jorge Garcia $0.49 $0.25
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Sam Charanek $0.49 $0.25
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V.C. Mohan $0.49 $0.25
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Federico Riart $0.55 $0.25
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Hernando Carrillo Bravo $0.55 $0.25
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Chris Reid $0.49 $0.25
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Max Rolla $0.35 $0.25
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Arturo Lara $0.35 $0.25
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Emir Arzola $0.35 $0.25
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Jorge Garcia $0.35 $0.25
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Deisy Romero $0.35 $0.25
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------------------------------------------------------------------------
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As a result, the resolution set forth on page 21 of the Circular shall be amended such that the resolution that will be voted upon at the AGM shall be as follows:
"BE IT RESOLVED as an ordinary resolution of the disinterested shareholders, that:
(a) The reduction of the exercise price to $0.25 per Common Share of an aggregate of 13,980,000 previously granted incentive stock options held by insiders of the Corporation, as described in the Corporation's information circular dated July 31, 2012, as amended by a board resolution and press release dated August 21, 2012, be and the same are hereby approved; and
(b) Any one of the officers or directors of the Corporation is hereby authorized and directed to do all such things as may be necessary or desirable, in the opinion of such officer or director to give effect thereto."
The above referenced resolution will be the resolution voted upon at the AGM in place of the resolution set forth in the Circular. In order to be passed, the resolution must be approved by a simple majority of the votes cast by shareholders present in person or represented by proxy at the AGM, excluding the votes of the individuals listed above.
Shareholders who have already voted on the above referenced resolution by proxy may change their votes by either: (i) in the case of registered shareholders, submitting a new proxy in accordance with the instructions set forth in the Circular, or (ii) in the case of beneficial shareholders, by contacting their brokers and following their instructions with respect to voting at the AGM on this matter. Shareholders are reminded that the deadline for submitting proxies is 2 p.m. on August 24, 2012 and any proxies submitted after this time may not be counted at the AGM.
About Petrodorado Energy Ltd.
Petrodorado is primarily engaged in petroleum and natural gas exploration and development activities in Colombia, Peru and Paraguay. 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, President and CEO
Chris Reid, VP of Finance and CFO
(403) 930-7544
Email: info@petrodorado.com
Website: http://www.petrodorado.com
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.
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR
DISTRIBUTION TO U.S. WIRE SERVICES
To view this press release as a webpage, please click on the following link:
http://www.fscwire.com/pr/petrodoradoaug212012.htm
Source: Petrodorado Energy Ltd. (TSX-V: PDQ) http://www.petrodorado.com
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