Jan. 10, 2007
Mr. Bill Thornton is pleased to announce the following appointments to the new Calgary office:
Mr. Gerry Hampshire (B.Sc. Petroleum Engineering) has joined MegaWest Energy as VP Exploitation. Mr. Hampshire will be responsible for all engineering and geoscience activities of the organization, including the creation and execution of exploration and development programs for the MegaWest Energy's properties. Gerry has 22 years of experience in oil and gas production, reservoir and exploitation engineering and operations. Mr. Hampshire has most recently worked as President of HBK Resources.
Joining Mr. Hampshire are Mr. Mohamed Beshry P. Eng. (B.Sc. Chemical Engineering) as Sr. Reservoir Engineer, Mr. Paul Krawchuk P. Eng. (B.Sc. Petroleum Engineering) as Exploitation Engineer and Ms. Jessica Beal (B.Sc. Honours Earth Science) as Jr. Geologist.
"This powerful technical team immediately enables MegaWest Energy to aggressively pursue early development of its prospects," stated Bill Thornton, Chief Operating Officer.
The Company is also building a strong corporate infrastructure to support its operations. In this regard, Mr. David Sealock (RET) has joined MegaWest Energy as VP Corporate Services. In this role, Mr. Sealock will be responsible for the development and implementation of corporate support services for the organization, including IS/IT, HR, procurement and logistics, SOX compliance and general administrative functions. David has over 20 years of experience in IS/IT and project management. Also joining MegaWest Energy and working for Mr. Sealock is Mr. Michael Elsdon (MA Leadership and Training) as Coordinator Business Services and Training.
Relating to the creation of the new team, the Board of Directors, on January 5, 2007, granted options to its officers and employees. The options have a strike price of US$0.50 per share. George T. Stapleton II, President and C.E.O., William Thornton, C.O.O. and George Orr, C.F.O. has each been granted one million options. These options vest immediately and expire in four years. The other officers, Mr. Gerry Hampshire and Mr. David Sealock have each been granted 600,000 options. A further 670,000 options were granted to employees of the Company. The options to Mr. Hampshire and Mr. Sealock and the employees vest at the rate of 25% in six months, and 25% each year after the date of the grant and expire in four years.
Further, the Board of Directors issued six million warrants to various independent contractors for services to the Company. These warrants will allow the holders to purchase one common share of the Company at a strike price of US$0.50 for terms of between one to three years.
ON BEHALF OF THE BOARD OF DIRECTORS
George T. Stapleton, II, President & Director
Safe Harbor statement under the Private Securities Litigation Reform Act of 1995: Except for historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties, including but not limited to economic, competitive, governmental and technological factors effecting the company's operations, markets, products and prices and other factors discussed in the company's various filings with the Securities and Exchange Commission.
Source: Market Wire (January 10, 2007 - 2:58 PM EST)