PetroShale Inc. ("PetroShale" or the "Company") announces key executive appointments and changes to its Board of Directors, effective immediately. These appointments add significant depth to PetroShale’s team, and further advance the Company’s execution of its renewed growth strategy.
Calgary-Based Executive Appointments
M. Bruce Chernoff, P.Eng. - Executive Chairman and CEO. Mr. Chernoff has over 25 years of hands-on
experience as an oil and gas entrepreneur, financing and building energy companies. Mr. Chernoff is the
President of Caribou Capital Corp., a private investment company, and serves as a director of several
public and private entities.
David Rain, CA - CFO. Mr. Rain has served as the CFO of Caribou Capital Corp. since its inception in 1999,
and has over 25 years of experience in corporate finance primarily in the oil and gas and investment
Mr. Chernoff and Mr. Rain have been involved in a number of successful oil and gas ventures, which
included acquiring and developing properties, completing debt and equity financings in Canada and the
U.S., and building organizations of a significant size. Notably, Mr. Chernoff and Mr. Rain were founders
of Harvest Energy Trust in 2002, where Mr. Chernoff was Chairman and Mr. Rain was CFO, which grew to
approximately 64,000 boe/day of production and was sold to the Korean National Oil Company in 2009
for $4.1 billion. Mr. Chernoff was also a co-founder and Executive VP of Pacalta Resources Ltd. which was
sold to Alberta Energy Company, now EnCana Corp., for $1billion in 1999.
Tony Izzo - Vice President, Business Development. Mr. Izzo has more than 25 years of combined
engineering, operations and management experience in the oil and gas industry. He brings a strong
technical background with specific expertise in the evaluation, acquisition and operation of oil and gas
properties. Mr. Izzo has been involved in the start-up of new oil and gas entities as well as serving in
senior technical and management positions in a number of junior and large oil and gas companies.
John Fair, President of PetroShale (U.S.) Inc. will continue to play an integral role in the growth and
evolution of the Company. Mr. Fair is based in PetroShale’s Denver office, which facilitates access to
acquisition opportunities, as well as strong local relationships.
Board of Directors and Corporate Secretary Changes
Ken McCagherty, P. Eng. - appointed to the Board of Directors. Mr. McCagherty is President and CEO of
Westbrick Energy Ltd., a KKR-sponsored private oil and gas company with operations in Western Canada.
He was previously President and CEO of West Energy Ltd., a TSX listed company founded in 2003 and sold
in 2010 for $575 million. Mr. McCagherty is a Professional Engineer with over 30 years of experience in
the domestic and international upstream energy business.
Brett Herman (President and CEO of TORC Oil & Gas Ltd.) and Jacob Roorda (Managing Director, Windward
Capital Ltd., Director of Angle Energy, Inc.) will continue as directors of the Company. John Hagg has
resigned as a director and PetroShale wishes to thank him for his valued service and contribution.
Ms. Nicole Bacsalmasi, of Burnet Duckworth & Palmer, LLP has been appointed as Corporate Secretary.
PetroShale wishes to thank Bryce Tingle for his valued contribution as Corporate Secretary and in the
formation of the Company.
The Company also wishes to express its appreciation to James Fair as interim President and CEO of
PetroShale and Tristan Farel as Chief Financial Officer. Mr. Fair will remain as a director of PetroShale.
In concert with the appointments above, PetroShale has issued an aggregate of 828,264 stock options to
insiders at an average exercise price of $0.70 per share, representing the closing price on November 22,