Spring Energy, Press release, 7. November 2008.
The Board of Spring Energy is pleased to announce the nomination of Mr. Thorleif Enger as new Chairman of the Board of Spring Energy Norway AS.
Thorleif Enger was until recently the CEO of Yara International ASA. Prior to this, he has more than 15 years of experience from the oil industry. Mr. Enger is currently a Board member of Marine Harvest ASA, and was the Chairman of Telenor ASA from 2003 until 2007.
"We are very pleased to have Mr. Enger with us. He brings with him a wealth of knowledge and experience that will be very important for Spring Energy in the time to come. His background from Norsk Hydro and the oil industry will be very valuable", says Roar Tessem, CEO of Spring Energy Norway AS.
"I am excited about this opportunity, and I look forward to again work with the oil industry. Spring Energy has everything in place to be a highly successful E&P company; assets with high potential, backed by long term and solid investors, and with a highly qualified staff I look forward to be working with", says Thorleif Enger
Thorleif Enger will succeed Gunnar Halvorsen from HitecVision as the Chairman of the Board of Spring Energy. Mr. Gunnar Halvorsen will continue as Board member.
An Extraordinary General meeting will be convened in November 2008 to approve the appointment. The proposal to elect Mr. Enger as new Chairman is supported by Spring Energy's largest shareholders and support is already secured from a majority of the general meeting.
END
Dated: 7 November 2008
Spring Energy Norway AS
For further information contact:
Gunnar Halvorsen, Chairman of the Board, Spring Energy
Mob: +47 91833906
or
Roar Tessem, CEO, Spring Energy
Mob: +47 90666764
About Spring Energy:
Spring Energy is an Oslo-based independent Norwegian upstream oil and gas company actively pursuing growth opportunities in both mature and immature areas on the Norwegian Continental Shelf (NCS). The company was established in 2007 by a group of E&P professionals with extensive experience from the industry. Spring Energy will participate in exploration, appraisal and development projects on the NCS with the objective of developing a risk balanced portfolio over the next 3 to 5 years. To secure an optimal mix of assets, the company will seek to expand its portfolio through licensing rounds as well as pro-active participation in the transaction market. Spring Energy is financially backed by HitecVision, assisting the company in achieving its goal to develop a first class exploration and production company over the next few years. Spring Energy currently has a team of 22 highly competent employees.