CALGARY, ALBERTA--(Marketwired - Jul 17, 2013) - Nexxco Energy Ltd. Mr. Thomas J. Greschner, President & CEO of a newly formed private junior oil and gas company, Nexxco Energy Ltd. ("Nexxco" or the "Company"), is pleased to announce the appointment of Mr. John Swendsen as Chairman of the Board, effective immediately. Mr. Swendsen is currently Vice Chairman, Corporate and Investment Banking with National Bank of Canada in Calgary. Mr. Swendsen's current role with National Bank involves providing guidance to the bank's Energy Team while assuming increased strategic and governance duties. John's banking career began with National Bank in 1983 in Calgary and has taken him to Ontario and back including positions in corporate banking and syndicated loans, but his principal achievement has been building the Energy lending team of the National Bank into the industry leader in banking the junior oil and gas market.
Mr. Swendsen completed a business undergraduate degree at Brigham Young University in Provo, Utah, followed by an MBA at the University of Alberta. John recently graduated from the Directors Education Program jointly offered by the Rotman School of Management and the Haskayne School of Business as part of the requirements towards the ICD.D designation granted by the Institute of Corporate Directors.
"John brings a unique blend of banking experience in the junior oil and gas business, strategic thinking at a very high level, as well as very strong relationships with other junior oil and gas executive teams in Calgary. The entire Board of Directors and Officers of Nexxco are looking forward to the leadership, business planning and commitment that John will bring to the Company while leading Nexxco to become a top tier private junior oil and gas company", said Greschner.
Mr. William Guinan, Partner, Borden Ladner Gervais LLP; Mr. Rob Zakresky, President & CEO, Crocotta Energy Inc.; Mr. J. Kevin Hall, Executive VP & COO, Nexxco; and Mr. Thomas J. Greschner, President & CEO, are also directors of Nexxco.
The Officers of Nexxco are Mr. Thomas J. Greschner, President & CEO; Mr. J. Kevin Hall, Executive VP & COO; Ms. Tanis James, VP Finance & CFO; Ms. Nancy Fontana, VP Corporate Services; Mr. Paul Laubitz, VP Exploration; and Mr. Trever Schmitt, VP Engineering. Wade Evans, Land Manager, rounds out the current team at Nexxco.
Nexxco is a private junior oil and gas company with a proven and experienced management team and Board of Directors with a successful track record of growing start-up oil and gas companies and creating value for shareholders. The Company will be focusing on light/medium conventional oil plays in southern Saskatchewan and southwest Manitoba.
Private Equity Financing - First Tranche
On July 16, 2013, the Company completed the first tranche of a non-brokered equity financing. The Company raised $5,950,000 through the issuance of 6,875,000 common shares, including private placements of 3,700,000 common shares issued to the Founders of Nexxco.
Private Equity Financing - Second Tranche
The Company expects to close the second tranche of the non-brokered equity financing on or about August 8, 2013.
About Nexxco Energy Ltd.
Nexxco is currently evaluating opportunities to be engaged in the exploration for and development and production of oil and natural gas reserves in Western Canada. The Company is targeting operations in southern Saskatchewan and southwest Manitoba. Nexxco is headquartered in Calgary, Alberta.
This news release contains forward-looking statements. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking statements. More particularly and without limitation, this news release contains forward-looking statements concerning: the second closing of a non-brokered private placement equity financing and the timing thereof.
By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Nexxco's control, including: the impact of general economic conditions; industry conditions; volatility of commodity prices; risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation; loss of markets; delays resulting from or the inability to obtain required regulatory approvals; inability to retain and delays in retaining drilling rigs and other services; currency fluctuations; imprecision of reserve estimates; environmental risks; competition from other industry participants; the lack of availability of qualified personnel or management; incorrect assessment of the value of acquisitions; failure to realize the anticipated benefits of acquisitions; and the ability to access sufficient capital from internal and external sources. The foregoing list is not exhaustive. The actual results, performance or achievements of Nexxco could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits Nexxco will derive therefrom.
The forward-looking statements contained in this news release are made as of the date hereof and Nexxco disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.