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SDX Energy Inc. - Operations Update - Staffing Changes

SDX Energy Inc. - Operations Update - Staffing Changes

Canada NewsWire

LONDON, Nov. 16, 2015 /CNW/ - SDX Energy Inc. ("SDX") (TSX VENTURE: SDX) is pleased to announce staffing changes. 

SDX Energy announces the following changes to the management team.

Olivier Serra, CFO of Sea Dragon Energy/SDX Energy from 2010 has notified the Board of his decision to leave the company with immediate effect to pursue other interests.

Mark Reid will be joining the Company with immediate effect as CFO.  Mark is an experienced industry professional whose previous roles have included CFO positions with AIM listed E&Ps Chariot Oil & Gas and Aurelian Oil & Gas. Prior to becoming CFO at these companies, Mark held senior roles in Investment Banking where he acted as Head of Oil & Gas for BNP Paribas Fortis in London and prior to that, worked for National Australia Bank in London.  Mark is a qualified chartered accountant who spent seven years working for Ernst & Young (EY) Corporate Finance.

The Board is also pleased to announce that it has strengthened its London based technical team through the hiring of Cameron Snow as VP Subsurface.  Cameron is an experienced industry Geologist who joins from Apache Corporation where he spent ten years, with his most recent role as a Manager for the company's North American New Ventures team.  Cameron has a wealth of industry experience with regards to Egypt, having spent four years working in Cairo at the Khalda Petroleum J.V., an Apache Corporation joint venture with EGPC.  Cameron was lead geologist for fields with daily production of over 50,000 BOPD and 150 MMscf/day while in Egypt.  He has a Ph.D. in Geology from Stanford University in the US.

Commenting on these changes, Paul Welch, CEO of SDX Energy said:

"In line with our ambition to grow the company and create value for our shareholders, we are putting together an experienced team with the required technical and financial skillsets to deliver our ambitious growth plans.

We are delighted to be attracting people with the calibre of Mark and Cameron to SDX.  Mark is a top quality CFO with significant PLC experience and his background in Corporate Finance and Investment Banking will be invaluable to the company as we move forwards.

Cameron is an excellent hire and we view his decision to join our team from Apache as an endorsement of the quality of our assets and the vision the Board has for the future growth of the Company. 

On behalf of the Board, I would like to extend my gratitude to Olivier for the service he has provided over the last 5 years.  He has been an integral part of the team and played a pivotal role in financing the company and completing the transaction with Madison Petrogas, the deal that provided us with an enhanced balance sheet and a solid platform for growth.  We wish him well for the future."

About SDX

SDX is an international exploration, production and development company, headquartered in London, England, UK, with a principal focus on Egypt. In Egypt, SDX has an interest in two production concessions: NW Gemsa and West Gharib both located in the Eastern desert. SDX's portfolio also consists of South Ramadan, a development asset in the Gulf of Suez; South Disouq, an exploration asset in the Nile Delta; and West Bakassi, an exploration block in Cameroon within the prolific Niger Delta Basin.

Advisory

Forward-Looking Statements

Certain statements contained in this press release constitute "forward-looking statements" as such term is used in applicable Canadian securities laws. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or are not statements of historical fact should be viewed as forward-looking statements. In particular, statements concerning the Parties, the Transaction, the anticipated synergies that will result from the Transaction and the key characteristics of the combined entity and should be viewed as forward-looking statements.

The forward-looking statements contained in this document are based on certain assumptions and although management considers these assumptions to be reasonable based on information currently available to them, undue reliance should not be placed on the forward-looking statements because SDX can give no assurances that they may prove to be correct. This includes, but is not limited to, assumptions related to, among other things: commodity prices and interest and foreign exchange rates; planned synergies, capital efficiencies and cost-savings; applicable tax laws; future production rates; the sufficiency of budgeted capital expenditures in carrying out planned activities; and the availability and cost of labour and services.

By their very nature, forward-looking statements are subject to certain risks and uncertainties (both general and specific) that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements. Such risks and other factors include, but are not limited to political, social and other risks inherent in daily operations for each of the Parties, risks associated with the industries in which the Parties operate in general, such as: operational risks; delays or changes in plans with respect to growth projects or capital expenditures; costs and expenses; health, safety and environmental risks; commodity price, interest rate and exchange rate fluctuations; environmental risks; competition; failure to realize the anticipated benefits of the Transaction and to successfully integrate the Parties; ability to access sufficient capital from internal and external sources; and changes in legislation, including but not limited to tax laws and environmental regulations. Readers are cautioned that the foregoing list of risk factors is not exhaustive and are advised to reference SDX's Annual Information Form for the year ended December 31, 2014 for a description of additional risks and uncertainties associated with SDX's business, including its exploration activities, which can be found on SDX's SEDAR profile at www.sedar.com.

The forward-looking statements contained in this press release are made as of the date hereof and SDX does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.

SOURCE SDX Energy Inc.

SDX Energy Inc., Paul Welch, President and Chief Executive Officer, Tel (London Head Office): +44 203 219 5640; Buchanan (PR), Ben Romney/Madeleine Seacombe, Tel: +44 207 466 5000Copyright CNW Group 2015


Source: Canada Newswire (November 16, 2015 - 9:30 AM EST)

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