TORONTO, ONTARIO--(Marketwire - March 29, 2012) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Candax Energy Inc. ("Candax") (TSX:CAX) is pleased to announce that Jean Pouzet has been appointed to the board of directors of Candax. Jean Pouzet was also appointed to Chair the "Geosciences Committee" of the board of directors of Candax. Mr. Pouzet has worked in the oil business for over 30 years in a variety of positions, including Exploration Manager and Geosciences Manager for a major international oil company. Mr. Pouzet is a trained engineer, with a degree from Ecole des Mines de Nancy in France and a MBA from University of Houston (TX). In the course of his career he has specialized in redevelopment of mature fields.
Benoit Debray, Chairman and CEO of Candax commented, "We are very pleased that Jean Pouzet has joined the board of Candax. His strong technical background and extensive experience in the oil business will add tremendously to the skill set of the board of Candax."
Candax is an international energy company with its head office in Toronto and offices in Tunis and Madagascar. The Candax group is engaged in exploration and the production of oil and gas in Tunisia and holds an interest in an exploration permit in Madagascar.
This news release includes "forward looking statements", within the meaning of applicable securities legislation, which are based on the opinions and estimates of management and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "budget", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar words suggesting future outcomes or statements regarding an outlook. Such risks and uncertainties include, but are not limited to, risks associated with the oil and gas industry (including operational risks in exploration development and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the ability of Candax to continue to service its debt; the uncertainty of reserve estimates; the uncertainty of estimates and projections in relation to production, costs and expenses; the uncertainty surrounding the ability of Candax to obtain all permits, consents or authorizations required for its operations and activities; and health safety and environmental risks), the risk of commodity price and foreign exchange rate fluctuations, the ability of Candax to fund the capital and operating expenses necessary to achieve the business objectives of Candax, the uncertainty associated with commercial negotiations and negotiating with foreign governments and risks associated with international business activities, as well as those risks described in public disclosure documents filed by Candax. Due to the risks, uncertainties and assumptions inherent in forward-looking statements, prospective investors in securities of Candax should not place undue reliance on these forward-looking statements.