CALGARY, ALBERTA--(Marketwired - Jan. 4, 2016) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW
Artisan Energy Corporation ("Artisan" or the "Corporation") (TSX VENTURE:AEC), announces that effective immediately, Mr. Rick Ironside has resigned as President and CEO, and from the Board of Directors of the Corporation, in order to pursue other opportunities. On behalf of the Board of Directors, we wish Mr. Ironside success with his new endeavours.
Artisan is pleased to announce that Mr. Rick Young has been appointed as Interim President & CEO. Mr. Young has held the role of Chief Operating Officer and has been on the Board of Directors of the Corporation since its inception. Mr. Young is a Professional Geologist and has over 30 years of experience with junior oil and gas producers.
Effective January 1, 2016, Artisan has undertaken reductions to its ongoing general and administrative expenses, including the remaining members of the management team reducing their monthly fees, and is actively pursuing various potential restructuring and/or recapitalization alternatives.
Neither 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 news release.
This news release contains forward-looking statements and information ("forward-looking statements") within the meaning of applicable securities laws relating to actively pursuing various potential restructuring and/or recapitalization alternatives. Readers are cautioned not to place undue reliance on forward-looking statements. The forward-looking statements are based on certain key expectations and assumptions made by Artisan's management, including the availability and cost of capital, labor and services; the state of the economy and the exploration and production business; performance of existing and future wells; reserve and resource volumes; anticipated timing and results of capital expenditures; the success obtained in drilling new wells; the sufficiency of budgeted capital expenditures in carrying out planned activities; the timing, location and extent of future drilling operations; results of operations; the impact of increasing competition; and the ability to market oil and natural gas successfully. While Artisan believes the expectations reflected in the forward-looking statements are reasonable, actual results and developments may differ materially from those contemplated by these statements as a result of known and unknown risks. The forward-looking statements contained in this news release are made as at the date of this news release and Artisan does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
Source: Marketwired (Canada)
(January 4, 2016 - 8:00 AM EST)
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