PA Resources AB establishes new strategic focus and appoints Bo Askvik to President and CEO

4/19/2010, 8:32 AM (Source: GlobeNewswire)
The oil and gas group PA Resources will focus more on development of existing
assets and oil reserves during the coming years, rather than to acquire
additional license assets. As part of this, the Board and the Company's
President and CEO Ulrik Jansson have agreed to increase the operational focus
also in the Executive Management Team. Ulrik Jansson will therefore leave his
position as President and CEO at the Annual General Meeting on May 18, 2010 and
the Board has appointed the company's Vice President Bo Askvik to new President
and CEO with effect from the same date.

PA Resources' business concept is to acquire, develop, extract and divest oil
and gas reserves as well as exploration to find new reserves. The company has
successfully developed a significant asset portfolio from its inception in
1994, to hold approximately 78.9 million barrels of oil equivalents in 2P
reserves at the end of 2009. In the light of a recovery in world economy and
current trends in the oil industry, the Board has now decided to focus on
developing existing assets and reserves, rather than extending the license
portfolio through the acquisition of additional oil licenses. The strategy
includes a greater focus on the development of fields for oil production
combined with continued investments in increased reserves for the future. The
Board intends to come back with more detailed information on the new strategy
not later than in connection with the Annual General Meeting (AGM) on 18 May
2010.

In discussions with the Board, the company's current President and CEO Ulrik
Jansson has decided to leave the company. The Board has appointed the company's
current Vice President and CFO Bo Askvik to new President and CEO and he will
take up his duties in connection with the AGM on 18 May 2010. Bo Askvik, 52
years old, has worked for three years within PA Resources AB. He assumed his
position as Chief Financial Officer (CFO) at PA Resources AB in September 2007
and has since been a member of the Executive Management Team. In September 2009
he was also appointed as Executive Vice President of the Company.

- PA Resources is facing new challenges and increased demands on operational
focus and Bo Askvik has during his time at PA Resources shown great skill and
power to act in both the financial and industrial part of the company's business
and has also demonstrated great leadership. With Bo as the new President and
CEO, PA Resources will get an excellent successor to Ulrik Jansson, who has
successfully developed the company and its license portfolio since 1996,
particularly through acquisitions and divestitures of licenses, says Sven
Rasmusson, Chairman of the Board of PA Resources AB.

Bo Askvik has extensive experience of international capital markets and as CFO
of several listed companies. He has previously worked as CFO at Sanitec
Corporation, SAPA AB and Intrum Justitia AB. He also has experience from the
petrochemical industry, where he took an active part in the merger of Neste's
and Statoil's petrochemical operations into a new company - Borealis. Bo Askvik
has a MBA at the Stockholm School of Economics.

PA Resources is in the final stages of recruiting a new CFO and the company will
get back with information as soon as the recruitment is completed.

Stockholm 19 April, 2010
PA Resources AB (publ)

For additional information, please contact:
Sven Rasmusson
Chairman of the Board, PA Resources AB
Phone: +46 (0)8 440 54 30. Mobile: +46 (0)70 605 83 15.
E-mail:info@paresources.se


PA Resources AB (publ) is an international oil and gas group with the business
strategy to acquire, develop, exploit and divest oil and gas reserves, as well
as explore new findings. The Group operates in Tunisia, United Kingdom, Denmark,
Greenland, Netherlands, Equatorial Guinea and the Republic of Congo
(Brazzaville). PA Resources is one of the largest oil producers in Tunisia and
is also producing oil in the Republic of Congo. The parent company is located in
Stockholm, Sweden.

PA Resources' net sales amounted to SEK 2,113 million during 2009. The company
is listed on the NASDAQ OMX Nordic Exchange in Stockholm, Sweden (segment Mid
Cap) and on the Oslo Stock Exchange in Norway (segment OB Match). For additional
information, please visit www.paresources.se .



[HUG#1404896]





Complete press release: http://hugin.info/130006/R/1404896/358887.pdf
Copyright GlobeNewswire, Inc. 2016. All rights reserved.
You can register yourself on the website to receive press releases directly via e-mail to your own e-mail account.