March 16, 2016, Vancouver, British Columbia – Simba Energy Inc. (the “Company” or “Simba”) (TSX Venture: SMB) (Frankfurt: GDA) (CQX: SMBZF) announces that Mr. Punkaj Gupta, has been appointed to the Board of Directors of the Company to replace Mr. James W. Dick, who has resigned from the Board. Simba thanks Mr. Dick for his efforts and contributions to the Company as a Board member. Mr. Dick will continue to provide technical services to Simba as Chief Technical Officer, in the development of its portfolio of assets throughout Africa.
Mr. Gupta, a resident of Dubai, UAE, is presently the Group Chief Executive Officer of Essel Group ME. He has a Masters’ degree in Economic, Business Management and Finance. He has an extensive international background in industry and government affairs. He has worked with the United Nations and various government and international trade bodies and has advised on policy making. His extensive industry experience and expertise comes from the steel industry, mining and finance. As noted in the Company’s news release dated December 3, 2015, the Company has entered into a definitive farm out agreement with Essel Group ME on Block 2A in Kenya wherein Essel Group ME will earn a 60% participating interest in Block 2A by funding 100% of exploration expenses until the completion of the drilling of 2 conventional wells on Block 2A.
“We are delighted that Punkaj Gupta has joined our Board of Directors. He adds an extensive background in international affairs including mining and the steel industry that will be very helpful as Simba develops its assets on the African continent.” said Robert Dinning, President and CEO.
Essel Group ME is part of Essel Group India, a business conglomerate that has over the past three decades achieved diverse and prominent growth across media, entertainment, packaging, infrastructure, precious metals, and energy and technology sectors. The Essel Group has recently endeavored to diversify further with investments into the hydrocarbon resource sector and has committed full support to advance Simba’s African O & G portfolio through the exploration and appraisal phases in accordance to each governing PSC by way of joint operating agreements on a per asset basis.
Simba Energy Inc. provides investors with well positioned exposure to oil and gas exploration in key areas of Africa with active onshore production sharing contracts (“PSCs”) in Kenya and Guinea and PSCs under continuing negotiation in Chad, Liberia and Ghana. Simba’s mission is to focus on onshore oil and gas potential in areas that are under-developed or not previously exploited.
ON BEHALF OF THE BOARD
President & CEO
For further information, contact: Mark Sommer at +1-604-629-9647 or Toll Free: 1‐855‐777‐4622, or email@example.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release includes certain statements that may be deemed to be “forward-looking statements”. All statements in this release, other than the statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “could” or “should” occur. Forward looking information in this news release includes, without limitation, all statements regarding the use of proceeds. Although the Company believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements. Factors that cause the actual results to differ materially from those in forward-looking statements include: results of exploration and development activities, regulatory changes, defects in title, availability of materials and equipment, timeliness in government approvals, continued availability of capital and financing and general economic, market and business conditions. The Company cautions the foregoing list of important factors is not exhaustive. Investors and others who base themselves on the Company’s forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. The Company believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. Please see the public filings of the Company at www.sedar.com for further information.