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Orca Energy Group Inc. (ORC-A.V)

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  • GlobeNewswire

    Orca Energy Group Inc. Announces Appointment of Advisor

    TORTOLA, British Virgin Islands, Oct. 15, 2020 (GLOBE NEWSWIRE) -- Orca Energy Group Inc. ("Orca" or the "Company" including its subsidiaries and affiliates) (TSX-V: ORC.A, ORC.B) is pleased to announce the appointment of Lloyd W. Herrick P.Eng., ICD.D as a member of the Board of Directors of Orca’s subsidiary, PanAfrican Energy Tanzania Limited. Mr. Herrick brings over four decades of international energy experience and joins Orca following a twenty-year career at TransGlobe Energy Corporation (“TransGlobe”) where he was appointed Vice President, Chief Operating Officer and director since 1999. Prior to TransGlobe, he served as President, Chief Executive Officer and member of the board of Moiibus Resource Corporation, which was acquired by TransGlobe. Earlier in his career, Mr. Herrick worked at Ranger Oil Limited, holding technical, management and executive positions, and was a petroleum engineer with Rupertsland Resources Ltd. and Hudson's Bay Oil & Gas Ltd.Following the merger of TransGlobe and Moiibus, Mr. Herrick co-led the transformation of TransGlobe from a 200 Boepd Canadian producer into a 20,000+ Boepd (currently ~15,000 Boepd) independent international energy producer primarily focused in the Middle East and Africa until his retirement in January 2020. As COO, Mr. Herrick was instrumental in developing TransGlobe’s reputation as a successful international operator primarily in Egypt focused on commercial resource maturation and development through technical/operating excellence combined with fiscal discipline and strong commitment to HSES (Health, Safety, Environment and Social responsibility). During his time as a member of the TransGlobe executive team and board, Mr. Herrick acquired a wealth of experience in direct government negotiations, including concession agreement amendments and extensions to achieve optimum resource development.Jay Lyons, Interim CEO of Orca, said: “We are delighted to welcome Lloyd Herrick to Orca. His experience, developed over a forty-year career in the industry, including two decades as a director and VP, COO of TransGlobe, is particularly aligned with Orca’s newly revised strategy to focus on the optimal development and value creation of the Songo Songo gas field in Tanzania. Lloyd will play an important advisory and oversight role supporting our operations team and working closely with Orca’s Board and management as we continue to capture the value from the Songo Songo gas field in Tanzania for the benefit of all stakeholders.”Orca Energy Group Inc.Orca is an international public company engaged in natural gas exploration, development and supply in Tanzania through its subsidiary PanAfrican Energy Tanzania Limited. Orca trades on the TSX Venture Exchange under the trading symbols ORC.A and ORC.B.For further information please contact:Jay Lyons, Interim CEO jlyons@orcaenergygroup.comBlaine Karst, CFO bkarst@orcaenergygroup.comFor media enquiries: Celicourt (PR) Mark Antelme Jimmy Lea Orca@celicourt.uk +44-20 8434 2643Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

  • GlobeNewswire

    Orca Announces Quarterly Dividend and Results of the Annual Meeting of Shareholders

    TORTOLA, British Virgin Islands, Sept. 17, 2020 (GLOBE NEWSWIRE) -- Orca Energy Group Inc. (“Orca” or the “Company”) (TSX-V: ORC.A, ORC.B) today announced that its Board of Directors has declared a quarterly cash dividend of $0.08 (Cdn) per Class A Common Voting Share of the Company and $0.08 (Cdn) per Class B Subordinate Voting Share ("Class B Shares") of the Company. The dividend will be payable on October 15, 2020 to holders of Class A Common Voting Shares and Class B Shares of record on September 30, 2020.Approval of Resolutions at Annual Meeting of ShareholdersOrca is pleased to announce that its shareholders approved all resolutions at its annual meeting of shareholders held on September 17, 2020 as follows: 1. Resolution to fix the number of directors to be elected at the meeting at four (4), with 99.32% of shares represented at the meeting voting in favour of the resolution.   2. Resolution to elect four (4) board members, with 99.43% of shares represented at the meeting voting in favour of each individual director.   3. Resolution to appoint KPMG LLP, Chartered Accountants, as the Company's auditors, with 98.61% of the shares represented at the meeting voting in favour of the resolution.Not less than 99.17% of votes cast by the holders of Class B Shares voted in favour of the resolutions recommended by the Company's Board of Directors.About Orca Energy Group Inc.Orca is an international public company engaged in natural gas exploration, development and supply in Tanzania through its subsidiary PanAfrican Energy Tanzania Limited. Orca trades on the TSX Venture Exchange under the trading symbols ORC.A and ORC.B.For further information please contact:Jay Lyons jlyons@orcaenergygroup.comBlaine Karst bkarst@orcaenergygroup.comFor media enquiries: Celicourt (PR) Mark Antelme Jimmy Lea Orca@celicourt.uk +44-20 8434 2643Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

  • GlobeNewswire

    Orca Energy Group Inc. Announces Changes to Its Strategic Direction and Senior Management Team

    TORTOLA, British Virgin Islands, Sept. 16, 2020 (GLOBE NEWSWIRE) -- Orca Energy Group Inc. (“Orca” or the “Company”) (TSX-V: ORC.A, ORC.B) announced today changes to its strategic direction and senior management team.Strategic DirectionThe Board of Directors has determined that in the current challenging market conditions for the oil and gas sector and taking into consideration the impact that government responses to the COVID-19 pandemic continue to have on domestic and global levels of economic activity, it is in the best interests of the Company and its shareholders to solely focus on the continued value maximization through the optimization and monetization of the Company's rights to develop the Songo Songo natural gas field in Tanzania and to suspend ongoing efforts to acquire and develop an integrated gas business in other African countries. Since February 2018, the Company has distributed approximately CDN$90 million in dividends and share buybacks. Focusing on the prudent management of capital and maximizing shareholder returns and regular distributions to our shareholders will continue to be a core part of our strategy moving forward. Senior Management ChangesIn connection with the change to the Company's strategic direction, the Board of Directors has accepted a resignation from Mr. Nigel Friend from his office with the Company and its subsidiaries. Nigel was involved early in establishing the Company's business in Tanzania and has made significant contributions to Orca's strategic thinking since rejoining the Company in 2018. On behalf of the Board of Directors, we thank Nigel for his contributions and wish him every success in his future endeavours.Mr. Jay Lyons has been appointed interim Chief Executive Officer of Orca. Mr. Lyons has been a member of Orca's Board of Directors since May 29, 2019 and is a seasoned energy executive with experience in Canada and the United States in both the upstream and downstream sectors. Mr. Lyons has a strong familiarity and understanding of the Songo Songo project and the Tanzanian operating environment. Mr. Blaine Karst will continue to lead the Company's accounting, finance and treasury functions as the Company's Chief Financial Officer. The Company's in-country management team will continue to steward Orca's Tanzanian business and key stakeholder relationships.About Orca Energy Group Inc.Orca is an international public company engaged in natural gas exploration, development and supply in Tanzania through its subsidiary PanAfrican Energy Tanzania Limited. Orca trades on the TSX Venture Exchange under the trading symbols ORC.A and ORC.B.For further information, please contact:Jay Lyons jlyons@orcaenergygroup.comBlaine Karst bkarst@orcaenergygroup.comFor media enquiries: Celicourt (PR) Mark Antelme Jimmy Lea Orca@celicourt.uk +44-20 8434 2643Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.Forward Looking InformationCertain information regarding Orca set forth in this news release, including but not limited to Orca's ability to continue regular distributions to shareholders constitutes "forward-looking information" within the meaning of applicable Canadian securities laws. The words "may", "will", "would", "should", "could", "expects", "plans", "intends", "trends", "indications", "anticipates", "believes", "estimates", "predicts", "likely" or "potential" or the negative or other variations of these words or other comparable words or phrases, are intended to identify forward-looking information. Forward-looking information, by its very nature, involves inherent risks and uncertainties and is based on several assumptions, both general and specific. Orca cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although believed reasonable at the time they were made, subject to greater uncertainty. Such forward-looking information is not a guarantee of future performance and involves known and unknown risks, uncertainties and other factors which may cause the actual results or performance of Orca to be materially different from the outlook or any future results or performance implied by such information. The forward-looking information contained in this new release is provided as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless so required by applicable Canadian securities laws.