Vanoil Energy Ltd. (TSX VENTURE:VEL) ("Vanoil" or the "Company") announces that
Messrs. Dal Brynelsen and Michael Mackey have tendered their resignations as
directors and officers of the Company to focus their efforts on Vangold
Resources Ltd. (TSX VENTURE:VAN), the resource company from which Vanoil was
spun out. 


Mr. James Passin, manager of the Firebird Global Master Fund, Ltd. and Firebird
Global Master Fund II, Ltd., the Company's largest shareholders, will be
assuming the position of Chairman and the office of President and Chief
Executive Officer. The Company's Board currently consists of Messrs. Passin, Don
Padgett and Francis Karanja.


"On behalf of the board of directors and management, I would like to thank Dal
and Mike for their commitment to the development of the Company since its
creation in September 2009 and to their willingness to contribute to a positive
and constructive transition," said James Passin. "We also wish to thank them
both for their years of service, and wish them the very best in their future
endeavours."


"The poor stock performance of the Company has been frustrating," commented Mr.
Passin, "Our management team is going to spend some time addressing this issue,
the board has already been instructed to conduct an immediate and thorough
review of all options available with the goal to increase value for our
shareholders."


About Vanoil Energy Ltd.

Based in Vancouver, Canada and Nairobi, Kenya, Vanoil is an internationally
diversified resource company that has a comprehensive portfolio of 100% owned
oil and gas assets in the African countries of Kenya and Rwanda. Blocks 3A and
3B in Kenya, which cover 24,912 square kilometres, are part of the vastly
under-explored Cretaceous Central African Rift Basin System, an area that may
hold the next major sub-Saharan discoveries. Vanoil's 1,631 square kilometres of
oil and gas exclusive licence in the East Kivu Graben in Rwanda is at the
southern extension of the Albertine Graben where Heritage and Tullow Oil made
their historic discovery in neighbouring Uganda.


To find out more about Vanoil and the Company's exploration potential, please
visit our website at www.vanoil.ca or by email info@vanoil.ca. 


On Behalf of the Board of VANOIL ENERGY LTD.

James Passin, President and CEO

Disclaimer for Forward-Looking Information

Statements containing forward-looking information express, as at the date of
this news release, the Company's plans, estimates, forecasts, projections,
expectations, or beliefs as to future events or results and are believed to be
reasonable based on information currently available to the Company.


Forward-looking statements and information are based on assumptions that
financing and personnel will be available when required and on reasonable terms,
and all necessary regulatory approvals and shareholder approval will be
obtained, none of which are assured and are subject to a number of other risks
and uncertainties. 


There can be no assurance that forward-looking statements will prove to be
accurate. Actual results and future events could differ materially from those
anticipated in such statements. Readers should not place undue reliance on
forward-looking information


Vanoil Energy Ltd. (TSXV:VEL)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024 Click aqui para mais gráficos Vanoil Energy Ltd..
Vanoil Energy Ltd. (TSXV:VEL)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024 Click aqui para mais gráficos Vanoil Energy Ltd..