Calgary, Alberta / TheNewswire / November 21, 2016 / Zenith Energy Ltd. (“Zenith” or the “Company”) announces that pursuant to its shareholder approved stock option plan (the "Stock Option Plan"), it has granted options to acquire a total of 6,000,000 common shares. The options were issued to Zenith's officers, directors, employees and consultants. Each option entitles the holder to acquire one share for $0.10 per share for a period ending March 31, 2021. Following this allocation, the Zenith Stock Option Plan will allow insiders and employees the opportunity to acquire approximately 9.31% of Zenith's currently issued and outstanding common shares.

 

This is the first time that the Company has granted options in several years, as Zenith's Board of Directors had previously not felt that it was appropriate to grant options prior to a stabilization of commodity prices and junior market valuations. Having completed the acquisition in Azerbaijan and initiated cash flow through sustainable production, the Company felt it important to recognize the key personnel necessary to continue its corporate growth strategy.

 

Andrea Cattaneo, President and CEO of Zenith Energy notes, “We are pleased to have our team vested in the long term success of the Company. It is also important to note that the pricing of the option plan is at a premium to the recent market valuation of the Company, as we recognize that there is significant potential upside and that the current market conditions have weighed heavily on our perceived value. Regardless, management believes that we are at an inflection point in our corporate development, and anticipate a continuation of rapid growth.”

 

About Zenith Energy Ltd.

 

Zenith focuses on the acquisition and further development of proven onshore oil and gas fields where production has declined over time, but which are capable of increased productivity following an injection of capital and optimization through its corporate engineering and technical expertise. To maximize shareholder value, Zenith targets acquisitions of production opportunities that offer strong logistics and close proximity to refineries and pipelines. Zenith’s management and directors have extensive international and governmental experience and possess the technical knowledge to execute this strategy.

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:

 

Jose Ramon Lopez-Portillo                                         Andrea Cattaneo

Chairman of the Board                                                 CEO & President

 

Email:                 info@zenithenergy.ca

Telephone:         (587) 315-9031

Telefax:                 (403) 775-4474

Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this news release contains forward-looking statements and information. The forward-looking statements and information are based on certain key expectations and assumptions made by Zenith. Although Zenith believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward looking statements and information because Zenith can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward-looking information for anything other than its intended purpose. Zenith undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.