PetroShale Inc. Announces Appointment of New Management Team, Board of Directors, Oversubscribed Equity Financing of $54.5M, 2022 Capital Budget and Production Guidance, and Proposed Rename to Lucero Energy Corp. – QNT Press Release


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Calgary, AB, January 13, 2022 /CNW/ – PetroShale Inc. (“oil shale” or”company”) (TSX:Amplifier) (OTC:PSHIF) is pleased to announce the appointment of a new management team (“new management team“) led by Brett Herman As President and Chief Executive Officer, Jason Skyha As Chief Operating Officer, Marvin Tang As Vice President of Finance and Chief Financial Officer, Sandy Brown As Vice President of Geosciences, Christine Lavergne As Vice President, Engineering and Sean Manchester as Vice President of Operations.

The new management team has a successful track record of creating shareholder value through a disciplined and long-term integrated strategy of acquiring and developing assets, most recently at TORC Oil & Gas Limited (“Tok“). TORC has grown from zero production to over 28,000 Boepd through the successful execution of multiple strategic acquisitions, coupled with a low-risk development drilling and development program that drives the prolific Bakken resource area in the Southeast Saskatchewan Williston Basin area.

In addition to the new management team, a new independent director, Dale O. Schweder has been appointed PetroShale (“shale oil plate“), which continues to include M. Bruce Chernoff, David Rain, Gary Reeves, Jacob Rhoda and Brett Herman. The enlarged PetroShale Board of Directors has a proven track record of building, financing and directing oil and gas companies and brings a broad range of experience, knowledge and innovation to the recapitalized entity. It is expected that additional directors will be appointed at the next general meeting of the Company. Sid AbugushHe will continue as company secretary as a partner at Burnet, Duckworth and Palmer LLP.

In connection with the appointment of the new management team, PetroShale intends to complete (i) a non-brokered private placement of PetroShale units (“unit“) with new management team for total benefit $9.5 million (This”Non-brokered private placement“), and (ii) a commercially reasonable private placement of PetroShale common stock (“common stock“) with a total return of up to $45 million (This”Brokerage private placement”), and with non-brokered private placements (“private placement“), the total return is as high as $54.5 million will be raised.PetroShale agrees to increase size of brokerage private placement from initial target amid strong demand $30 million.

It is expected that PetroShale’s shareholders will be required to approve the change of the company name to “Lucero Energy Corp.”. at the next annual general meeting of shareholders.

New management team and board members

Brett Herman
President and Chief Executive Officer

Mr. Herman has extensive oil and gas experience in leadership positions with public oil and gas companies. Most recently, Mr. Herman served as President and Chief Executive Officer of TORC Oil & Gas Ltd. and previously served as President and Chief Executive Officer of Result Energy Inc. and TriStar Oil & Gas Ltd. Prior to that, Mr. Herman served as Finance and Chief Financial Officer of StarPoint Energy Ltd. and StarPoint Energy Trust.

Jason Skyha
Chief Operating Officer

Mr. Skehar has extensive oil and gas experience in leadership and operations, most recently as President and Chief Executive Officer of Bonavista Energy Corporation (“Bonavista”). Before that, Mr. Skehar was President and Chief Operating Officer of Bonavista and its predecessor, Bonavista Energy Trust.

Marvin Tang
Vice President of Finance and Chief Financial Officer

Mr. Tang has over 17 years of oil and gas experience in various finance and compliance related positions, most recently serving as Vice President and Chief Financial Officer of TORC Oil and Gas Ltd. Before that, Mr. Tang served as Financial Reporting Manager for Result Energy Inc. and Samsung Oil & Gas Co., Ltd.

Sandy Brown
Vice President of Earth Sciences

Mr. Brown has extensive geological oil and gas experience, particularly in the Williston Basin, most recently as Vice President of Geosciences for TORC Oil & Gas Ltd. Previously, Mr. Brown was the New Venture Manager/Senior Geological Consultant at Apache Canada, and prior to that, Vice President of Rock Energy Exploration.

Christine Lavergne
Vice President of Engineering

Ms. Lavergne has over 18 years of oil and gas engineering experience, particularly in the Williston Basin, most recently as Engineering Manager for TORC Oil & Gas Ltd. Prior to that, Ms. Lavergne held various engineering positions exclusively at Legacy Oil + Gas Inc., TriStar Oil & Gas Ltd. and Harvest Energy Trust.

Sean Manchester
Vice President of Operations

Mr. Manchester has extensive oil and gas engineering and operations experience, particularly in the Williston Basin, most recently as Vice President of Operations for TORC Oil and Gas Ltd. Previously, Mr. Manchester was Vice President of Operations at Vero Energy Inc., and prior to that, Production and Engineering Manager at True Energy Inc.

Dale O. Schweder

Mr. Shwed is currently the President and Chief Executive Officer of Crew Energy Inc. Mr. Shwed graduated from the University of Alberta in 1980 with a Bachelor of Science in Geology and previously held positions of increasing importance in various exploration and production companies. He founded Baytex Energy Ltd. (“Baytex”) in 1993. As President and CEO, he oversaw Baytex’s operations to increase production to over 40,000 BOE/day. In 2003, Baytex was reorganized into Baytex Energy Corp. and Crew Energy Inc. Mr. Shwed served on the board of TORC Oil & Gas Ltd. from 2012 to 2021 and is currently on the board of Inplay Oil Corp.


The full story is available on Benzinga.com



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