CONCORD, ONTARIO -- (Marketwired) -- 06/13/13 -- Epsilon Energy Ltd. ("Epsilon" or the "Company") (TSX: EPS) announces that the board of directors, at a meeting held today, approved several changes to the board and senior management of the Company.
Board of Directors
Mr. Zoran Arandjelovic today announced his resignation, effective immediately, as a director of the Company citing differences in opinion with respect to the future direction of the Company's development. The board accepted his resignation, with regret, but wished Mr. Arandjelovic all the best with his future endeavours. He was a founder of Epsilon and has led the Company in various senior positions and as a board member since its incorporation.
The board had approved the appointment of Ramik Arandjelovic to fill the vacancy created by this resignation. Ramik Arandjelovic is currently President of the Company and will assume his role as a director effective immediately. In addition, the board has elected Mr. Joseph Feldman to be non-executive Chairman of the board. Mr. Feldman has been an independent director of Epsilon since September 2010.
Chief Executive Officer
The board of directors also approved, effective immediately, the termination of Zoran Arandjelovic as CEO of Epsilon and the appointment of Ramik Arandjelovic to fill this position. The board felt that because of the divergent views on the strategic future of the Company, it would be important for the Company to align senior management who shared the board's view of the direction for the Company. Ramik Arandjelovic was recently promoted to President of Epsilon May 6th, 2013 and he has served as Chief Operating Officer of the Company from 2011 until 2013. During that period he has led the execution of the Company's operations, particularly the development of the core Marcellus upstream and midstream assets. Mr. Zoran Arandjelovic will be paid the full severance he is entitled to under his employment agreement and will be retained in a consulting capacity for a nominal fee to advise Epsilon on non-operational matters affecting the Company.
Joe Feldman, the new Chairman of the board commented, "These changes represent a change in the leadership of Epsilon which will see it pursue its operational strategy in the key areas which have proved successful for the Company in the past few years. We have appreciated the contributions Zoran Arandjelovic has made to the Company since its inception and believe that it has set a solid foundation for future growth."
Epsilon Energy Ltd. is a North American onshore exploration and production company with a current focus in the Marcellus Shale in Pennsylvania, Bakken Shale in Saskatchewan and Basal Belly River in Alberta.
Certain statements contained in this news release constitute forward looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", 'may", "will", "project", "should", 'believe", and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements are based on reasonable assumption but no assurance can be given that these expectations will prove to be correct and the forward-looking statements included in this news release should not be unduly relied upon.
Special note for news distribution in the United States
The securities described in the news release have not been registered under the United Stated Securities Act of 1933, as amended, (the "1933 Act") or state securities laws. Any holder of these securities, by purchasing such securities, agrees for the benefit of Epsilon Energy Ltd. (the "Corporation") that such securities may not be offered, sold, or otherwise transferred only (A) to the Corporation or its affiliates; (B) outside the United States in accordance with applicable state laws and either (1) Rule 144(as) under the 1933 Act or (2) Rule 144 under the 1933 Act, if applicable.
Epsilon Energy Ltd.
Vice President of Business Development
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