Business
Result Energy Inc. announces recapitalization transaction and new management team
Result Energy Inc. announces recapitalization transaction and new management team
About this update from Route 109 Resources Inc.
[{"type":"text","content":"\n\n\n\nNov. 5, 2009 (Canada NewsWire Group) -- CALGARY, Nov. 5 /CNW/ -- Result Energy Inc. (\"Result\") (TSXV: RTE) is pleased to announce that it has entered into a reorganization and investment agreement (the \"Agreement\") which provides for a non-brokered private placement of up to $26 million (the \"Private Placement\"), the appointment of a new management team and Board of Directors (the \"New Management Team\"), and a rights offering to the current holders of Result common shares (the \"Rights Offering\") (collectively the \"Transaction\"). The New Management Team is comprised of individuals who formerly led the successful TriStar Oil & Gas Ltd. (\"TriStar\"). It is anticipated that the shareholders of Result will be asked to approve a change of the company's name to TOG Oil & Gas Ltd. at the next meeting of shareholders.The New Management Team will be led by Brett Herman as President & Chief Executive Officer, Jason Zabinsky as VP Finance & Chief Financial Officer, Graham Kidd as VP Engineering, Eric Strachan as VP Exploration, Jeremy Wallis as VP Land, Mike Wihak as VP Operations, and Filippo Angelini as Controller.Upon completion of the Transaction, the new Board of Directors will be comprised of John Brussa, Raymond Chan, Bruce Chernoff, Brett Herman and Dale Shwed. James Pasieka will act as corporate secretary.New Management Team-------------------The New Management Team has a successful track record of creating shareholder value through an integrated strategy of acquiring, exploiting and exploring, most recently at TriStar. TriStar grew from 1,000 Boepd to more than 25,000 Boepd in just over 3 1/2 years through the successful execution of several strategic acquisitions combined with a low risk development drilling program and an exploration program that helped expand and define the prolific Bakken resource play in southeast Saskatchewan.Brett Herman Brett Herman has extensive oil and gas experiencePresident & CEO in leadership roles at public oil and gascompanies. Mr. Herman was the President & CEO ofTriStar. Previously, Mr. Herman was the VicePresident, Finance & CFO of StarPoint Energy Trust(\"StarPoint\").Jason Zabinsky Jason Zabinsky has experience in both oilVP Finance & CFO and gas and capital markets roles and was mostrecently the VP Finance & CFO of TriStar and priorthereto was a Director with a major Canad...