Enterra Announces Management Appointments
11 Februar 2010 - 10:00PM
PR Newswire (US)
Company Further Strengthens Canadian Operations As it Transitions
to a Growth-Oriented Exploration and Production Company CALGARY,
ALBERTA, Feb. 11, 2010 /PRNewswire-FirstCall/ -- Enterra Energy
Trust ("Enterra", "We" or the "Trust") is pleased to announce three
new management appointments in preparation for its previously
announced plan to convert to a growth oriented, exploration and
production corporation to be named Equal Energy Ltd. ("Equal
Energy"). Mr. Shane Peet has been appointed Senior Vice President,
Engineering. Mr. Peet, a registered professional engineer with over
15 years of experience, has been serving in several roles with
Enterra since August 2009. He brings a broad range of experience
with several successful small to large-cap exploration and
production companies, most recently serving as Chief Operating
Officer of Wild River Resources, Inc. He has also served in roles
of increasing responsibility at Prairie Schooner Energy, Great
Northern Exploration and Rio Alto Exploration. In his new role, Mr.
Peet will be responsible for Canadian exploitation and operations.
Additionally, he will be in charge of evaluations across all of
Enterra's portfolio. Ms. Terry Fullerton is promoted to Vice
President, Canadian Exploration. Ms. Fullerton has 21 years of
experience generating successful exploration plays with various
Canadian companies ranging from start ups to large firms. Her
appointment serves to establish the focus necessary for the pursuit
of quality exploration and resource plays in Enterra's portfolio of
assets. Mr. Peter Letizia is promoted to Vice President, Production
for Canada. Mr. Letizia joined Enterra in 2007 as Production
Manager and brings 18 years of varied experience with large and
small companies. Mr. Letizia's expanded responsibilities will
include Canadian production assurance and leadership of health,
safety and environment initiatives. Don Klapko, President and CEO,
said: "The appointments of Shane, Terry and Peter are critical to
our commitment to build a growth oriented exploration and
production company. This organizational enhancement will further
align our U.S. and Canadian management teams with the shared
objectives of production and reserve growth, consistent with the
post-conversion growth-oriented strategy of Equal Energy. We are
excited to have these new leaders with strong skills and
substantial depth of experience joining our management team. We
believe that we have the team in place to exploit and grow our
North American assets and we are excited about the growth
opportunities available to us given our diversified asset and
production portfolios in the U.S. and Canada." About Enterra Energy
Trust Enterra is an exploration and production oil and gas trust
based in Calgary, Alberta, Canada with its United States operations
office located in Oklahoma City, Oklahoma. Enterra's trust units
and debentures are listed on the Toronto Stock Exchange under the
symbols (ENT.UN, ENT.DB, ENT.DB.A) and Enterra's trust units are
listed on the New York Stock Exchange under the symbol (ENT). The
Trust's portfolio of oil and gas properties is geographically
diversified with producing properties located principally in
Alberta, British Columbia, Saskatchewan and Oklahoma. Production is
comprised of approximately 55 percent crude oil and natural gas
liquids and 45 percent natural gas. Enterra has compiled a
multi-year drilling inventory for its properties including its new
oil play opportunities in the Cardium in west central Alberta and
the Circus prospect in southern Oklahoma. Forward-Looking
Statements Certain information in this press release constitutes
forward-looking statements under applicable securities law. Any
statements that are contained in this press release that are not
statements of historical fact may be deemed to be forward-looking
statements. Forward-looking statements are often identified by
terms such as "may," "should," "anticipate," "expects," "seeks" and
similar expressions. Forward-looking statements necessarily involve
known and unknown risks, including, without limitation, risks
associated with oil and gas production; marketing and
transportation; loss of markets; volatility of commodity prices;
currency and interest rate fluctuations; imprecision of reserve
estimates; environmental risks; competition; incorrect assessment
of the value of acquisitions; failure to realize the anticipated
benefits of acquisitions or dispositions; inability to access
sufficient capital from internal and external sources; changes in
legislation, including but not limited to income tax, environmental
laws and regulatory matters. Readers are cautioned that the
foregoing list of factors is not exhaustive. Readers are cautioned
not to place undue reliance on forward-looking statements as there
can be no assurance that the plans, intentions or expectations upon
which they are placed will occur. Such information, although
considered reasonable by management at the time of preparation, may
prove to be incorrect and actual results may differ materially from
those anticipated. Forward-looking statements contained in this
press release are expressly qualified by this cautionary statement.
Additional information on these and other factors that could affect
Enterra's operations or financial results are included in Enterra's
reports on file with Canadian and U.S. securities regulatory
authorities and may be accessed through the SEDAR website
(http://www.sedar.com/), the SEC's website (http://www.sec.gov/),
Enterra's website (http://www.enterraenergy.com/) or by contacting
Enterra. Furthermore, the forward looking statements contained in
this news release are made as of the date of this news release, and
Enterra does not undertake any obligation to update publicly or to
revise any of the included forward-looking statements, whether as a
result of new information, future events or otherwise, except as
expressly required by securities law. DATASOURCE: Enterra Energy
Trust CONTACT: Blaine Boerchers, Chief Financial Officer, (403)
263-0262 or (877) 263-0262, http://www.enterraenergy.com/
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