|By Marketwired .||
|August 22, 2014 09:01 AM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 08/22/14 -- Gordon Creek Energy Inc. (TSX VENTURE: GDN) (the "Company") is pleased to announced the appointment of Rupert Evans as President and Chief Executive Officer of the Company and as a member of the Board of Directors. Mr. Evans, who has served as the Company's Vice-President of Geosciences since 2011 has played a pivotal role in the development of Gordon Creek's existing assets and the ongoing evaluation of potential new projects and growth opportunities. Mr. Evans is a Professional Geologist with more than 15 years experience in the oil & gas industry. Prior to joining Gordon Creek he held technical positions with energy producers Defiant Energy Corp and Defiant Resources Corp. Mr. Evans holds a B.Sc. In Geology from the University of Calgary and is an active member of numerous energy related organizations.
Cameron White, will be resigning as Chief Executive Officer of the Company due to other business demands, but will remain as an active director and consultant as the Company pursues various financing and other strategic alternatives. Rick Ironside will also continue with the Company as a director and senior engineering consultant.
The Company also wishes to advise that it has engaged Houston Merchant Energy Advisory Partners LLC ("HMEP") as a strategic advisor to assist with the evaluation and sourcing of various financing alternatives in order to recapitalize the Company's balance sheet and to finance further development of the Company's Gordon Creek natural gas project. The principal of HMEP, Van Levy, has 25 years of experience as a senior energy analyst and advisor with Jefferies & Co., CIBC World Markets and others.
The Company also announced that it issued 2,300,101 shares at a deemed price of $0.0822 per share representing 50% of the interest due on the Company's $10,000,000 Gas Linked Debentures for the quarter ended July 31, 2014. The Company has deferred the payment of the cash portion of the quarterly payment pending completion of a financing transaction.
Gordon Creek Energy is an oil and gas exploration and production Company with interests in the US Rockies.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward-looking information
Information in this news release, including information respecting the Company's financing plans, constitute forward-looking information. Statements containing forward-looking information express, as at the date of this news release, the Company's plans, expectations, or beliefs as to future events or results are believed to be reasonable based on the information currently available to the Company. The Company does not undertake to update any such forward-looking statements unless required by applicable securities legislation. Statements including forward-looking information involve known and unknown risks, uncertainties and other factors which may cause the actual results of the Company and its operations to be materially different from estimated costs or results expressed or implied by such forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.
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