CALGARY, ALBERTA--(Marketwire - June 15, 2012) - Shoreline Energy Corp. (the "Company") (TSX:SEQ) is pleased to announce the election of Mr. Daniel (Dan) Long to the Board of Directors at the Company's annual meeting of shareholders held on June 14, 2012. Mr. Long replaces the Company's outgoing director, Mr. Peter Shippen. The Company wishes to thank Mr. Shippen for his service on the Board and wishes him well in his future endeavours.
Mr. Long is currently Vice President, Business Development of a privately held Canadian junior oil producer, and brings 29 years of diverse oil and gas experience to Shoreline's Board. Mr. Long graduated from the University of Calgary in 1983 with a Bachelor of Science degree in Chemical Engineering. Mr. Long has held senior engineering and management positions at several medium and large Canadian production companies, over the past 12 years has served on the senior executive teams of three oil and gas companies and has experience in mergers and acquisitions, having led or co led transactions greater than $1 billion in size. Mr. Long is currently a director of Veraz Petroleum Inc., and is a member of the Association of Professional Engineers and Geoscientists of Alberta.
Mr. Long will serve as Chairman of the Company's Reserves and Resources Committee and will replace Mr. Peter Henry as a member of the Company's Compensation and Corporate Governance Committee, as Mr. Henry is not currently considered to be an "independent" Board member under Canadian securities laws by virtue of consulting fees paid to him by the Company on November 24, 2011. Mr. Trevor Folk will replace Mr. Henry as a member of the Audit Committee, in reliance on an exemption from the independence requirements in section 3.5 of National Instrument 52-110.
Currently, Shoreline has 5,642,916 common shares outstanding. Shoreline is a Calgary, Alberta based corporation engaged in the exploration, development and production of petroleum and natural gas. Shoreline offers investors a combination of value growth via lower risk development of additional oil and gas reserves and production on its current lands, as well as through a quarterly dividend. The Corporation's common shares are currently listed on the TSX under the trading symbol "SEQ." Additional information regarding Shoreline is available under the Corporation's profile at www.sedar.com or at the Corporation's website, www.shorelineenergy.ca.
Forward Looking and Cautionary Statements
This news release contains forward-looking statements relating to the Corporation's plans and other aspects of the Corporation's anticipated future operations, strategies, financial and operating results and business opportunities. These forward-looking statements may include opinions, assumptions, estimates, management's assessment of value, reserves, future plans and operations.
Forward-looking statements typically use words such as "will," "anticipate," "believe," "estimate," "expect," "intend," "may," "project," "should," "plan," and similar expressions suggesting future outcomes, and include statements that actions, events or conditions "may," "would," "could," or "will" be taken or occur in the future. The forward-looking statements are based on various assumptions including expectations regarding the success of current or future drill wells; the outlook for petroleum and natural gas prices; estimated amounts and timing of capital expenditures; estimates of future production; assumptions concerning the timing of regulatory approvals; the state of the economy and the exploration and production business; results of operations; business prospects and opportunities; future exchange and interest rates; the Corporation's ability to obtain equipment in a timely manner to carry out development activities; and the ability of the Corporation to access capital and credit. While the Corporation considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
Forward-looking statements are subject to a wide range of assumptions, known and unknown risks and uncertainties and other factors that contribute to the possibility that the predicted outcome will not occur, including, without limitation: risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation; loss of markets; volatility of commodities prices; currency fluctuations; imprecision of reserves estimates; environmental risks; competition from other producers; inability to retain drilling rigs and other services; incorrect assessment of the value of acquisitions; failure to realize the anticipated benefits of acquisitions; general economic conditions; delays resulting from or inability to obtain required regulatory approvals and to satisfy various closing conditions; and ability to access sufficient capital from internal and external sources. Readers are cautioned that the foregoing list of factors is not exhaustive.
Although Shoreline believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements and you should not rely unduly on forward-looking statements. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by applicable law, Shoreline does not undertake any obligation to publicly update or revise any forward-looking statements.