CALGARY, Nov. 13, 2013 /CNW/ - (TSXV:TOL) TriOil
Resources Ltd. ("TriOil" or the "Company") is pleased to announce
the completion of the plan of arrangement (the "Arrangement"),
pursuant to which ORLEN Upstream sp. z o.o. ("ORLEN Upstream"),
through a wholly-owned subsidiary registered in the Netherlands, ORLEN Upstream International
B.V., purchased all of the issued and outstanding class A common
shares of the Company (the "Common Shares") at a cash price of
C$2.85 per Common Share for total
cash consideration of $183.7 million. With the completion of the
Arrangement, the Common Shares will be delisted from the TSX
Venture Exchange.
In connection with the completion of the
Arrangement the following changes were made to the current
management positions of the Company: Russell Tripp, retired from his position as
President and Chief Executive Officer and was appointed as Chairman
of the Board; Andrew Wiacek,
formerly the Vice-President, Exploration of the Company, was
appointed as President of TriOil; Shaun
Wyzykoski, formerly the Vice-President, Engineering of the
Company, was appointed as the Chief Operating Officer; Keith Mychaluk, formerly the Exploration
Manager, was appointed as Vice-President, Exploration and
Bruce Cawston, formerly the
Engineering Manager, was appointed as Vice-President, Engineering.
Cheryne Lowe continues as
Vice-President, Finance and Chief Financial Officer and Craig
Haavardsrud continues as Vice-President, Business Development and
Land. In addition, Wieslaw Prugar,
the President of ORLEN Upstream, was appointed as Chief Executive
Officer and a director of TriOil and Bohdan
Bartoszewicz, the Chief Financial Officer of ORLEN Upstream,
was appointed as Senior Vice-President, Finance.
ORLEN Upstream is a wholly-owned subsidiary of
PKN ORLEN S.A. ("PKN ORLEN"), one of the largest petroleum and
petrochemical corporations in Central and Eastern Europe and the largest in Poland. PKN ORLEN operates 3 petrochemical
plants, 7 refineries with the total processing capacity
approximately 600,000 per day and a retail gas station network
comprising approximately 2,700 outlets offering services in
Poland, Germany, the Czech
Republic and Lithuania. As
at and for the year ended December 31,
2012, PKN ORLEN reported consolidated revenue of
approximately C$38.5 billion and
consolidated assets of approximately C$16.9
billion. PKN Orlen is one of the blue chip stocks traded on
the Warsaw Stock Exchange and its market capitalization as of
November 13, 2013 was approximately
C$6 billion.
ORLEN Upstream was established to implement PKN
ORLEN's strategy regarding exploration and production of
hydrocarbons. ORLEN Upstream also holds licences for onshore oil
and gas exploration throughout Poland and interests in an offshore licenses
at the Latvian shelf of the Balitic Sea.
Neither the TSX Venture Exchange not its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this press release.
SOURCE TriOil Resources Ltd.