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Sully gone as new CGX partner takes charge

Apr 27, 2013 News

 

Canadian oil exploration firm, CGX Energy Inc., continuing with a major shakeup, has accepted the resignation of Kerry Sully, former President and Chief Executive Officer.
The cash-strapped company failed to find oil in commercial quantities last year on its Corentyne concessions offshore Guyana and Suriname in another partnership attempt in waters off Georgetown. It ended up owing huge sums for operating expenses to Repsol Exploración S.A, its partners.
CGX has since announced a financial deal with Pacific Rubiales on March 25 which saw the new management dropping several executives.
CGX yesterday said that a new board of directors include Serafino Iacono, Co-Chairman and director of Pacific Rubiales; Ronald Pantin, Chief Executive Officer and director of Pacific Rubiales, and Dennis Mills, a director of Pacific Rubiales.
Resignations from the CGX board include Kerry Sully, Denis Clement and Adrian Jackson.  Guyanese-born Suresh Narine, John Cullen and Dennis Pieters will remain on the Board.  Iacono and Narine will each serve as Co-Chairman of the company.
Dewi Jones has been appointed to the position of Chief Executive Officer and Michael Galego has been appointed General Counsel and Secretary.
Sully, John Clarke, Vice President, Corporate Development, and Michael Stockinger, Chief Operating Officer resigned effective April 26, 2013.
CGX has also announced that Pacific Rubiales would effectively control 74.6 per cent of the issued and outstanding shares in the capital of the company.
CGX will use US$15,332,469 to pay off Repsol Exploración S.A. (“Repsol”), Tullow Guyana B.V. and YPF S.A. its partners for the Georgetown well. Another US$2M will be used to pay off officers, directors, employees and consultants who are no longer with the company and to fund expenditures related to future oil and gas exploration activities and for general corporate purposes.
CGX is a Canada-based oil and gas exploration company focused on the exploration of oil in the Guyana-Suriname Basin.

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