CALGARY, ALBERTA--(Marketwire -08/21/12)- Arcan Resources Ltd. (ARN.V) ("Arcan" or the "Corporation") announces Ed Gilmet's resignation as a director of the Corporation. As well, the board of directors of Arcan (the "Board") has appointed J. Terry McCoy, an Arcan director, as interim chief executive officer ("CEO") of the Corporation, replacing Mr. Gilmet. The changes are effective immediately. The Board would like to thank and acknowledge Mr. Gilmet, a founder of the Corporation, for his dedicated contribution to building Arcan from a start-up to an established junior oil and gas producer with excellent long-life assets.
Terry McCoy is a professional geologist with over 40 years of experience with senior, intermediate and junior oil and gas companies. His former executive positions include President of Burlington Resources Canada, and he has served on the boards of directors of both public and private corporations. Mr. McCoy will provide executive and operational leadership to Arcan. While the Board intends to commence a search for a new CEO in due course, the near-term priority is to execute effectively on Arcan's strategic and operational plan. Arcan President Doug Penner will continue to oversee the Corporation's finances and to interact with the investor, financial and banking communities.
As well, to strengthen its operational capability, Arcan has hired professional engineer Mark Smith as its new Vice President of planning and development. With 30 years of experience, Mr. Smith was formerly Vice President of the conventional oil and gas business unit at Baytex Energy Ltd., and Vice President of the north business unit at Burlington Resources Ltd. His strong background in production, operations, budgeting, capital management and project execution will contribute to the leadership of the technical and engineering teams, improving Arcan's ability to operate efficiently and to meet its targets.
About Arcan Resources Ltd.
Arcan Resources Ltd. is an Alberta, Canada corporation that is principally engaged in the exploration, development and acquisition of petroleum and natural gas located in Canada's Western Sedimentary Basin.
Forward-Looking Information and Statements
This press release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words ''expect'', ''will'', ''plans'' and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the foregoing, this press release contains forward-looking information and statements pertaining to, among other things, expectations regarding new Arcan executives and the ability of the new executives to affect Arcan's performance, the Board's search for a new chief executive officer and the priority to execute effectively on the Corporation's strategic and operational plan.
The forward-looking information and statements contained in this press release reflect several material factors and expectations and assumptions of Arcan including, without limitation: that Arcan will continue to conduct its operations in a manner consistent with past operations; the accuracy of current horizontal production data, historical well production and waterflood results; the general continuance of current or, where applicable, assumed industry conditions; continuity of reservoir conditions across Arcan's Swan Hills land base and its Ethel oil pool; availability of debt and/or equity sources to fund Arcan's capital and operating requirements as needed; the continuance of existing and, in certain circumstances, proposed tax and royalty regimes; the accuracy of the estimates of Arcan's reserve volumes; and certain commodity price and other cost assumptions and estimates.
Arcan believes the material factors, expectations and assumptions reflected in the forward-looking information and statements are reasonable at this time but no assurance can be given that these factors, expectations and assumptions will prove to be correct. The forward-looking information and statements included in this press release are not guarantees of future performance and should not be unduly relied upon. Such information and statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information or statements including, without limitation: for reasons currently unanticipated, Arcan's production rates may not reach the levels currently expected; the application and modification of horizontal, multi-stage fracture technologies may not have the impact currently anticipated by Arcan; the future drilling locations identified by Arcan may prove to be unsuitable or unavailable and drilling on the locations identified may not occur; water injection at additional sites in the Deer Mountain Unit #2 or in the Ethel field may not have the impact on production currently anticipated by Arcan, the operation of Arcan's oil gathering pipeline and the Pembina pipeline may not have the impact on operating costs currently anticipated by Arcan and there may be interruptions of service in the future; Arcan's capital spending and operational plans for 2012 may not be completed in the timelines anticipated, in the manner anticipated or at all and the execution of such plans may not have the results currently anticipated by Arcan; changes in tax or environmental laws or royalty rates; increased debt levels or debt service requirements; inaccurate estimation of Arcan's oil and gas reserves volumes; limited, unfavourable or no access to debt or equity capital markets; increased costs and expenses; the impact of competitors; changes in commodity prices; reliance on industry partners; and certain other risks detailed from time to time in Arcan's public disclosure documents including, without limitation, those risks identified in this press release, and in Arcan's annual information form for the year ended December 31, 2011, copies of which are available on Arcan's SEDAR profile at www.sedar.com.
The forward-looking information and statements contained in this press release speak only as of the date of this press release, and Arcan does not assume any obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable laws.
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