CALGARY, ALBERTA–(Marketwired – March 13, 2017) – Ceiba Energy Services Inc. (“Ceiba” or the “Company”) (TSX VENTURE:CEB) announces today that Mr. Richard Lane, Interim Chief Executive Officer (“Interim CEO”) and Chief Operating Officer and Mr. Ian Simister, President are no longer with the Company.
Mr. Ralph Hesje, Chairman of the Board, announces the appointment of current Board member Mr. Ronald Sifton as Interim CEO of the Company, effective immediately. Mr. Sifton joined the board in March 2014 after a 27 year career as Executive VP and CFO of Newalta Corporation. “Our near term focus will be on the rationalization of our costs to match the realities of the current market, improving the returns on our current asset base through renewed emphasis on sales, marketing and customer service, and the prudent and disciplined management of our balance sheet and capital expenditures,” said Mr. Sifton.
Strategic Review
On September 9, 2016 the Company initiated a process to identify, examine and consider a range of strategic alternatives available to the Company with a view to enhance shareholder value. This review remains ongoing while the Company considers certain potential strategic initiatives in view of recent increasing industry activity, which is driving volume increases. The Company does not intend to disclose developments with respect to this process unless and until the Board has approved a definitive transaction or other course of action or otherwise deems that disclosure of developments is appropriate or otherwise required by law. There can be no assurance that this review will result in a transaction or agreement, or if a transaction is undertaken, as to its terms or timing.
About Ceiba Energy Services Inc.
Ceiba provides specialized services to the energy sector, specifically to companies involved in the exploration, extraction and production of oil and natural gas in Western Canada. Ceiba develops and constructs facilities in proximity to its customers to provide treatment of crude oil emulsion, terminalling, storage and marketing of oil and disposal of production water.
Reader Advisory
Neither the 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 the accuracy of this release.
Forward-looking statements
Certain information regarding Ceiba in this news release, including management’s assessment of its future plans, may constitute forward looking statements under applicable securities laws and necessarily involve risks including, without limitation, risks associated with oilfield services operations, general risks associated with oil and gas exploration, development, production, marketing and disposal of waste, loss of markets, environmental risks, competition from other service providers, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources. As a consequence, actual results may differ materially from those anticipated in the forward‐looking statements. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect Ceiba’s operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). The forward‐looking statements or information contained in this news release are made as of the date hereof and Ceiba does not undertake any obligation to update publicly or revise any forward‐looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Ronald Sifton
Interim CEO
403-262-2783
Ceiba Energy Services Inc.
Peter Cheung
CFO and Corporate Secretary
403-262-2783
