January 17, 2013 --- Calgary, AB --- Terra Nova Energy Ltd. ("Terra Nova") (TSX-V: TGC) announces that it has entered into a mutual release and resignation agreement (the "Release Agreement") with outgoing Chairman, Chief Executive Officer and Director Norman Mackenzie who has tendered his resignation with Terra Nova. In consideration of the foregoing, Terra Nova has agreed to (i) pay to Mr. Mackenzie a severance payment of $100,000, (ii) issue to Mr. Mackenzie 400,000 common shares in the capital of Terra Nova, and (iii) maintain 600,000 stock options previously granted to Mr. Mackenzie, exercisable at a price of $0.30 per share. The vesting date of 300,000 stock options has been amended from vesting on November 15, 2013 to vesting immediately, with a revised expiry date previously May 16, 2022, adjusted to May 10, 2015. The Release Agreement is subject to the approval of the TSX Venture Exchange.
New Executive Officers
Terra Nova is pleased to announce that Henry Aldorf, a director of Terra Nova, will be appointed as Chairman and acting Chief Executive Officer and Nico Civelli, also a director of Terra Nova, will be appointed as Vice-President Finance immediately following TSX Venture Exchange approval of the Release Agreement.
Henry Aldorf's successful track record as an executive officer in the petroleum industry will be used to further Terra Nova's exploration and development program of its Australian petroleum exploration licenses. The addition of Nico Civelli as Vice-President Finance will allow Terra Nova to significantly strengthen its links with the investment community.
Mr. Aldorf has 37 years of experience in the petroleum and chemicals industry and is currently President of Pacific LNG Operations Limited and of Liquid Niugini Gas Limited and serves as Chairman of EFL Overseas Inc. (OTCQB: EFLO). Pacific LNG Operations Ltd. is a substantial indirect interest holder in the Elk and Antelope discoveries and 47.5% LNG partner in Liquid Niugini Gas Limited with InterOil Corporation (NYSE-IOC). EFL Overseas Inc. is engaged in gas exploration and production in the Liard Basin in south-eastern Yukon. Mr. Aldorf was most recently the President of Marathon International and Vice-President Global Upstream Business Development. Prior to his most recent role with Marathon leading worldwide upstream business development, including upstream commercial strategy and negotiations, Mr. Aldorf held the positions in Marathon Oil International of Senior Vice President International Business Development, Senior Vice-President West Africa, Middle East and Asia Business Development, and Senior Vice-President West Africa Business Development where he was responsible for Marathon's EG LNG project in Equatorial Guinea and was the first Managing Director of EG LNG Co.
Mr. Civelli is a Zurich-based independent financial advisor who provides financial consultancy services through his wholly-owned company Niconsult GmbH. In this capacity, Mr. Civelli works closely with several leading European and North American private asset management companies and funds, which specialize in the natural resources sector. Mr. Civelli serves as director and VP Finance for Hunter Bay Minerals Plc and as VP Finance of Pacific LNG Operations (Singapore). Mr. Civelli studied at the Universities of Zurich and St Gallen in Switzerland before completing a Masters Degree in Applied Finance at the University of Southern Queensland in Australia.
About Terra Nova
Terra Nova Energy Ltd. is a oil and gas exploration company with a right to acquire up to a 55% working interest in two onshore petroleum exploration licenses ("PELs") located on the western flank of the Cooper Eromanga Basin in the State of South Australia:.
For additional information please contact:
Terra Nova Energy Ltd.
700, 444 - 5th Avenue SW, Calgary, Alberta T2P 2T8
Nico Civelli, Director
Phone: (403) 266-5515
NEITHER TSX VENTURE EXCHANGE NOR 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 RELEASE.
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