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CALGARY, AB / ACCESSWIRE / November 28, 2019 / Petrodorado Energy Ltd. ("Petrodorado" or the "Company") (TSXV:PDQ) is pleased to announce that, further to its previous press release dated November 15, 2019, it has now closed the acquisition of all of the issued and outstanding shares of ROK Resources Inc. ("ROK"), a private Saskatchewan oil and gas company, pursuant to which ROK became a wholly-owned subsidiary of Petrodorado and the business of Petrodorado will become the current business of ROK (the "Transaction"). Pursuant to the Transaction, ROK's shareholders were issued an aggregate of 20,000,000 common shares of Petrodorado ("Petrodorado Shares"). The Transaction has received the final approval of the TSX Venture Exchange.
In connection with the closing of the Transaction, Cameron Taylor, a nominee of ROK, was appointed to the board of directors of the Company and became the Chief Executive Officer of Petrodorado. Biographical details of Mr. Taylor were disclosed in the press release dated November 15, 2019.
Directors and Management of Petrodorado Following Completion of the Transaction
Pursuant to the Transaction, the board of directors of the Company is now comprised of four individuals, namely Chris Reid, Dave Hergenhein, Peter Yates and Cameron Taylor. As previously noted, Cameron Taylor will succeed Chris Reid as President and Chief Executive Officer of the Company, while Lynn Chapman will remain as Chief Financial Officer. Bryden Wright was appointed as VP Engineering, Jared Lukomski was appointed as VP Land and Murray Ryan was appointed as Senior Geologist, all being representatives of ROK. Biographical details of Messrs. Wright, Lukomski and Ryan were disclosed in the press release dated November 15, 2019.
Continuance, Name Change and Articles Amendment
Following completion of the Transaction and in conjunction with its upcoming annual general and special meeting of shareholders, Petrodorado is expecting to change its name to "ROK Resources Inc." or such other name as the directors may determine in their discretion. It is expected that concurrently with changing its name, Petrodorado may also change its ticker symbol. Further information regarding same will follow in subsequent news releases.
About Petrodorado
Petrodorado was previously engaged in petroleum and natural gas exploration and development activities in Colombia and is currently engaged in exploring for petroleum and natural gas development activities in Saskatchewan. Its head office is located in Regina, Saskatchewan, Canada and Petrodorado's common shares are traded on the Exchange under the trading symbol "PDQ".
For further information, please contact:
Cameron Taylor, President and CEO
Lynn Chapman, VP Finance and CFO Phone: (306) 698-7999
Email: info@petrodorado.com
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements with respect to the terms and conditions of the proposed Transaction; the Company's objectives, goals or future plans; the receipt of the requisite approvals with respect to the Transaction and the business and operations of the Company following the completion of the Transaction. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic and social uncertainties; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; delay or failure to receive board or regulatory approvals; those additional risks set out in Petrodorado's public documents filed on SEDAR at www.sedar.com; and other matters discussed in this news release. Although Petrodorado believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, Petrodorado and ROK disclaim any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility of the adequacy or accuracy of this release.
SOURCE: Petrodorado Energy Ltd.
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