VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 09/11/15 -- Caspian Energy Inc. (NEX: CKZ.H) ("Caspian" or the "Company") is pleased to announce the appointment of Wei Zhao as its new Chief Executive Officer, effectively immediately.
The appointment of Mr. Zhao, which remains subject to the acceptance of the NEX board of the TSX Venture Exchange (the "NEX"), follows the previously announced resignation of Chunming Ma as the Interim Chief Executive Officer and as a director of Caspian. Mr. Zhao is currently a director of Caspian and has been the Chairman of The Sixth Energy Limited, a significant shareholder of Caspian, since 2010. From 2000 to 2010, he was the Purchasing Manager of MI Energy Corporation in Beijing, China. Mr. Zhao holds a degree in Financial Accounting from the Jilin Radio and TV University in Changchun, Jilin, China.
"We are delighted that Mr. Zhao has agreed to accept the position of Chief Executive Officer for Caspian," said Michael Nobbs, the Chairman of the Company's board of directors. "He is a very senior executive with our largest shareholder, and brings with him considerable experience dealing with our existing stakeholders at a high level in both Kazakhstan and in China. He knows the oil business well, specifically in Kazakhstan. His experience and skills will be of considerable help as we take on the previously disclosed challenges facing Caspian."
Caspian has also appointed Erbolat Kulumbetov to replace Mr. Ma as the Interim General Director of Caspian's operating subsidiary, Aral Petroleum Capital LLP ("Aral"). Mr. Kulumbetov's appointment is also effective immediately, subject to the approval of the NEX. Mr. Kulumbetov has been the Chief Geologist of Aral since 2010 and has considerable experience in the oil and gas industry in the Aktobe region of Kazakhstan. Mr. Kulumbetov is a member of the Society of Petroleum Engineers (SPE) and has acted as the General Director for several energy companies in Kazakhstan, including Victoria Oil and Gas, Olager Oil JSC, and Resursy JSC. Mr. Kulumbetov received a Diploma of Oil and Gas Geology from the Kazakh Polytechnic Institute in 1973 and a Diploma of Industry Manager from the Azerbaijanian Institute of Petroleum and Chemistry in 1986.
Mr. Nobbs noted: "Mr. Kulumbetov is a long-standing and senior employee of Aral and an oil industry professional. He is well positioned to take on the responsibility for managing Aral's operations on the ground as General Director from Mr. Ma."
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation which we refer to herein, collectively, as "forward-looking information". Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved" and include statements relating to Caspian's actual performance, developments and/or results may differ materially from any or all of the forward-looking statements. Further information which may cause results to differ materially from those projected in the forward-looking statements is contained in Caspian's filings with Canadian securities regulatory authorities. All material assumptions used in making forward-looking information are based on management's knowledge of current business conditions and expectations of future business conditions and trends. Although Caspian believes the assumptions used to make such statements are reasonable at this time and has attempted to identify in its continuous disclosure documents important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Caspian does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the NEX) accepts responsibility for the adequacy or accuracy of this release.
Caspian Energy Inc.
Chairman of the Board of Directors