PentaNova Energy Corp. Announces Senior Management Appointments

Strategy Continues To Develop Oil And Gas Assets

VANCOUVER, Feb. 15, 2018 /CNW/ - PentaNova Energy Corp. (the "Company") (TSXV: PNO), is pleased to announce a new senior management team to continue the company's strategy of developing significant oil and natural gas resources in Colombia and Argentina.

The Company has appointed Dr. Ralph Gillcrist as Chief Executive Officer & President, Alan Aitchison as Chief Operating Officer and Rafael Orunesu as Vice President, Business Development and Country Manager, Argentina.  Dr. Gillcrist has also been appointed to the Board of PentaNova Energy Corp.

Dr. Ralph Gillcrist is an accomplished oil and gas executive with proven leadership and business experience in Latin America.  Dr. Gillcrist has over 28 years of experience in international oil and gas and has held various executive, technical, managerial and operating roles throughout Europe, Africa, Southeast Asia and South America for a number of international oil and gas companies. Dr. Gillcrist more recently served as Chief Executive Officer of Petroamerica Oil Corp. and is also an independent director at Madalena Energy Inc.

Mr. Alan Aitchison has over 30 years of corporate and resident in-country international experience throughout the world, predominantly in Latin America. Recently he served as Chief Operating Officer and as an in-country manager in Colombia for PetroGranada. Mr. Aitchison also spent 10 years in a variety of roles at Schlumberger, including Vice President of Production and prior to that held numerous technical and management roles that covered all aspects of facilities, production operations and evaluation of production and exploration wells.

Mr. Rafael Orunesu was Co-founder of Gran Tierra where he served as Vice President, Latin America and Country Manager for Peru and Argentina.  Prior to his position at Gran Tierra, he was Engineering Manager for Pluspetrol, responsible for planning and development operations in major oil and gas field developments in Peru. Mr. Orunesu has also been involved in numerous asset evaluations, purchases and divestments covering Latin America and North Africa.

Mr. Serafino Iacono has requested to step down as Executive Chairman of the Company but will be continuing on as an independent director. Mr. Jeffrey Scott has been appointed as non-executive Chairman and has a long-established relationship with the new management team.  Mr. Scott is the Founder and was Chairman of Gran Tierra Energy, a South American based E&P Company from 2004 to June of 2015. Mr. Scott is Executive Chairman of Sulvaris Inc., a private fertilizer technology company since February 2012. Mr. Scott has been in the oil and gas business on both the E&P and service sides of the industry for over 34 years, with extensive management, financing, mergers and acquisition and public company experience.

Mr. Gregg Vernon and Mr. Warren Levy have resigned as President and President, Argentina Operations and the board would like to thank them for their services. Mr. Luciano Biondi has resigned as Chief Executive Officer of the Company, but will be remaining with the Company as a consultant.

The Company has agreed to issue 4.8 million common shares vesting over a three year period to the new management team as the inducement to join the Company. 

The Company further announces an aggregate grant of 8 million options with a vesting period of three years to the management group which will consist of the current options available for grant and phantom options at $0.36 per share for ten years.

PentaNova is investing in proven leadership to develop oil and natural gas fields it has acquired in areas surrounding some of the key energy producing areas in Colombia and Argentina. With significant experience in Latin America and global energy development, PentaNova's leadership is working with local partners and service providers, including YPF, Argentina's respected energy producer, to deliver the energy for Latin America's future.

Forward-Looking Statements

This news release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, including, without limitation, statements with respect to the expected listing of the Warrants.  Forward-looking statements are statements that are not historical facts which address events, results, outcomes or developments that the Company expects to occur; they are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "aims", "potential", "goal", "objective", "prospective", and similar expressions, or that events or conditions "will", "would", "may", "can", "could" or "should" occur. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Certain material assumptions regarding such forward-looking statements are discussed in this news release and the Company's annual and quarterly management's discussion and analysis filed at www.sedar.com. Except as required by the securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

SOURCE PentaNova Energy Corp.

PentaNova Energy Corp., Ralph Gillcrist, CEO & President, Tel: [phone], E-mail: [email protected]