PLEDGE PETROLEUM CORP. (OTCMKTS:PROP) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

PLEDGE PETROLEUM CORP. (OTCMKTS:PROP) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Ervington Investments Limited (“Ervington”) entered into an Investors Rights Agreement dated February 19, 2015 (the “IRA”) between Ervington and Pledge Petroleum Corp. (the “Company”), wherein Ervington was provided the right to appoint a Chief Executive Officer at any time of its choosing. On April 25, 2017, in accordance with the terms of the IRA, the Company appointed Ivan Perisiyanov, director of the Company, to serve as the new President and Chief Executive Officer effective immediately. The Company has not entered into a written agreement with Mr. Persiyanov; however, Mr. Persiyanov has agreed to serve as the new President and Chief Executive Officer for compensation of $1 per year for the next twelve months.

Mr. Persiyanov, age 37, was appointed a director on February 17, 2015. Mr. Persiyanov currently serves as an investment director at Millhouse LLC. From July 2008 until joining Millhouse LLC in April 2014, Mr. Persiyanov served as an investment director of Rusnano OJSC, responsible for originating and leading the execution of private equity and venture capital projects in chemical, construction robotics, alternative energy and robotics. Prior to joining Rusnano OJSC, Mr. Persiyanov served as a consultant to Ernst & Young, a manager at GE Money Bank and a senior analyst at Citibank. Mr. Persiyanov has a Master in Finance degree from the New Economic School and a mathematics degree from Moscow State University. Mr. Persiyanov is a CFA charterholder. Mr. Persiyanov also currently serves as a director of Georezonans LLC, a methane degassing service company, Novas Energy Services LLC, DEWASI (Beijing) Energy Technology Development Ltd, Cleveland BioLabs, Inc., a Nasdaq listed biopharmaceutical company (CBLI), and is general director of Plasma Holdings LLC. Previously Mr. Persiyanov served as a director of Optogan CJSC from June 2013 until June 2014, Beneq Oy from July 2013 until April 2014 and LED, Microsensor Nt LLC from July 2013 until April 2014.

There are no family relationships between Mr. Perisiyanov and any other director, executive officer or person nominated or chosen by the Company to become as director or executive officer of the Company.  Except as disclosed above, there have been no transactions involving Mr. Perisiyanov that would require disclosure under Item 404(a) of Regulation S-K.


About PLEDGE PETROLEUM CORP. (OTCMKTS:PROP)

Pledge Petroleum Corp., formerly Propell Technologies Group, Inc., is an oil exploration and production (E&P) acquisition company. The Company focuses on building a base of producing assets by using technology, including Plasma Pulse well treatment, which uses no acidization, hydrofracking or other chemicals. The Company’s segment is the Plasma Pulse Technology for the petroleum industry. Through its subsidiaries, Novas Energy USA, Inc. and Novas Energy North America, LLC (NENA), the Company intends to manage oil production using the Plasma Pulse Technology. The Plasma Pulse Technology is an Enhanced Oil Recovery methodology and process. The Plasma Pulse Technology utilizes a down-hole tool that is lowered into vertical wellbores to the perforated oil producing zone. The Plasma Pulse Technology is suitable for oil wells as deep as approximately 12,000 feet.

PLEDGE PETROLEUM CORP. (OTCMKTS:PROP) Recent Trading Information

PLEDGE PETROLEUM CORP. (OTCMKTS:PROP) closed its last trading session 00.0000 at 0.0134 with 50,730 shares trading hands.

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