Calgary, Alberta, April 21, 2017, Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; TSX.V: ZEE), the dual listed international oil & gas production company, is pleased to announce the appointment of Mr. Luca Benedetto to the position of Chief Financial Officer ("CFO"), replacing the current CFO. This is a non-Board position.
Mr. Luca Benedetto is an Italian national, trained in Italy as a registered accountant with further education in IFRS accounting and consolidation at IPSOA Milan. He has more than twenty-five years of accounting, auditing and financial administration experience. Mr. Benedetto began his professional career as an accountant and computer programmer responsible for financial software development and worked for the Italian division of IBM as an internal auditor and accountant as well as providing staff training in these aforementioned fields.
Mr. Benedetto also served for seven years as a financial and administrative officer in a well-established Italian company specializing in the construction of fuel and water storage tanks. Among other tasks, his responsibilities included maintaining and developing relationships with many international and Italian oil majors such as Exxon, Shell, IP, AGIP, API, and ERG.
Mr. Benedetto joined the Zenith Energy Ltd. group in 2013 as Chief Financial Officer of the Company's Italian subsidiary, Canoel Italia S.r.l., and has since progressed to also hold the position of Group Financial Controller. In this capacity he has been directly involved in the monitoring of business performance, cash flow management, budgetary oversight, accounts team supervision, accounts preparation and strategic planning. Since January 2016 Mr. Benedetto has also been responsible for the compiling and reviewing of the quarterly Consolidated Financial Statements and Management's Discussion and Analysis of the Company.
Whilst at Zenith Mr. Benedetto's most important achievement has been the preparation of all the financial information included in Zenith's Prospectus published in January 2017. Mr. Benedetto followed this process extensively, collating the many accounting and financial presentations necessary for the document to be approved.
The appointment of Mr. Benedetto to the position of Chief Financial Officer is subject to the review and approval of the TSX Venture Exchange.
The Company would also like to thank Mr. Alan Hume for his work and contribution as Chief Financial Officer over the past nine months.
Zenith Chairman, Jose Ramon Lopez-Portillo, commented:
"I am pleased to announce Mr. Luca Benedetto's appointment as CFO of the Company. Mr. Benedetto has excelled in his accounting and financial management responsibilities within Zenith's Italian operations and has played a particularly important role in the preparation of the extensive financial documentation necessary for its successful listing on the UK Official List. The Board of Directors is confident that he will be a valuable asset as the Company works towards achieving its growth objectives."
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.
For further information, please contact:
Zenith Energy Ltd.
Jose Ramon Lopez-Portillo
Chairman of the Board
CEO & President
Telephone: +1 (587) 315 9031
Telefax: +1 (403) 775 4474