Oryx Petroleum and Zeg Oil Announce Strategic Investment

Corporate Re-organisation

Oryx Petroleum has recently effected a corporate re-organisation as part of its efforts to reduce costs and to align management and staff requirements with the Corporation`s reduced scope of activities in the near to medium term. The re-organisation included issuing notices of termination to Michael Ebsary, Chief Executive Officer, Craig Kelly, Chief Financial Officer, and Paul Shillington, Chief Legal Officer. Vance Querio, currently Chief Operating Officer, is expected to be formally appointed Chief Executive Officer in the coming weeks.

Mr. Kelly´s and Mr. Shillington´s responsibilities will be assumed by remaining employees to be named in due course. Mr. Ebsary, Mr. Kelly and Mr. Shillington will serve out their extended notice periods in advisory capacities to ensure a smooth transition of responsibilities.

In conjunction with the Zeg Oil Investment,  Zeg Oil has the right to nominate two appointees to the board of directors of the Corporation.  The two nominees are expected to replace Michel Contie, who has resigned from the board of directors, and Michael Ebsary, who intends to resign from the board of directors to facilitate the transactions.

Commenting today, Oryx Petroleum's Chief Executive Officer, Michael Ebsary (pictured), stated:

"We are delighted to announce a strategic investment by Zeg Oil into Oryx Petroleum. Zeg Oil brings not only funding but access to engineering and construction expertise, very relevant subsurface knowledge and critical local and regional relationships. Importantly, the investment will allow us to pursue the efficient appraisal and initial production of the Zey Gawra field and thus significantly improve our near and medium term cash flow profile. We very much look forward to working with Zeg Oil on the Zey Gawra project."


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