Petrolia Energy Corporation (OTCMKTS:BBLS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
The Chairman of Board of Director’s has accepted resignations from Richard Dole, Joel Oppenheim, and Saleem Nizami, effective July 13th, 2020. This will reduce the size of the Board from seven (7) to four (4) members streamlining the governing body in a continued effort to reorganize the Company.
The Company is grateful to the exiting Directors for their valued service and contribution in helping the Company successfully navigate the challenges faced by the oil industry today.
The Company will continue to focus on its core assets and reorganize for compliance and growth to find, screen and integrate value generating acquisitions allowing for material value creation for investors.
About Petrolia Energy Corporation (OTCMKTS:BBLS)
Petrolia Energy Corporation, formerly Rockdale Resources Corporation, is a domestic oil exploration and production company. The Company focuses on new oil wells in established areas of oil production. It is focused on acquisitions in the Southwest United States. The Company’s core area of operations is in the Minerva-Rockdale Field in Rockdale, Texas. The Company’s lease position offers the potential for approximately 100 new drilling locations. The Minerva-Rockdale Field is located approximately 30 miles Northeast of Austin and approximately 50 square miles in size. The main producing formation for this field is the Upper Cretaceous Navarro Group of sands and shale’s. The Company’s Slick Unit Dutcher Sands (SUDS) Field consists of approximately 2,600 acres located in Creek County, Oklahoma. Twin Lakes San Andres Unit (TLSAU) Field is approximately 50 miles from Roswell, Chavez County, New Mexico and consists of approximately 4,870 acres with over 130 wells.