3MV Announces Resignation of Douglas McKinnon as President and Chief Executive Officer, Changes to Board of Directors and Appointment of Chairman of the Board
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CALGARY, May 25, 2012 /CNW/ - 3MV Energy Corp. ("3MV" or the "Corporation") (TSXV: TMV) announced today that the Board of Directors has accepted the resignation of Douglas McKinnon as President, Chief Executive Officer and a Director of the Corporation. Mr. McKinnon will become the Chief Operating Officer of the Corporation and Stacey Majchrzak will become the Vice President Operations of the Corporation. In addition, the Board of Directors has appointed Jim Boyle as a Director and Chairman of the Board of Directors of the Corporation. Jim Boyle is a securities lawyer, a director of TSX Venture listed gold miner NWM Mining Corporation and co-founder of CNSX owned Canadian National Stock Exchange. The Board of Directors thanks Mr. McKinnon for his contributions to the company to date as President and CEO. The Corporation is seeking to fill the position of President and Chief Executive Officer. In the interim, as COO, Mr. McKinnon will continue to oversee the exploration and development of the Corporation's assets in west central Saskatchewan.
About 3MV
3MV is a public oil and gas exploration and development company with assets throughout west central Saskatchewan's Viking oil play, including its most recent discovery and oil pool development near Fiske, which is located 60 kilometers east of Kindersley, Saskatchewan. 3MV also focuses on the development and application of new earth science and oilfield technologies in all aspect of its operations. 3MV is using both 2D and 3D proprietary seismic programs to map the geology of the Fiske play. The Corporation's horizontal wells also utilize multi-stage, high pressure fracture stimulation technology. 3MV's unique fracturing method minimizes the use of fracturing fluids during the fracturing process which reduces both cost and environmental impact.
Forward-Looking Statements
Certain statements in this news release constitute forward-looking statements. The forward-looking statements contained in this document are based on certain key expectations and assumptions made by 3MV. Although 3MV believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because 3MV can give no assurance that they will prove to be correct.
Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the failure to obtain necessary regulatory approvals, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures.
The forward-looking statements contained in this document are made as of the date hereof and 3MV undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
Billy (William) Abbey
CFO and VP, Finance
(403) 817-0677
OR
Brian Radiff
VP, Corporate Development
(403) 817-0676
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