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INCT Announces Management Team Restructuring
Innocent Inc., a development stage oil and gas exploration and production company, announced today that it has accepted the resignation of Wayne Doss. The company’s current Chief Operating Officer, Patrick Johnson, has been promoted to be the company’s new Chief Executive Officer. Concurrent with these moves, Terry Lynch was appointed as new President and Chairman of the Board.
A 1981 graduate from St. Francis Xavier University, Mr. Lynch received a joint honors degree in Economics and BBA. Before becoming CEO of Chilean Metals Inc. in 2012, Mr. Lynch had been CEO of privately held Relief Gold. He also had been a director and later CEO of TSX-listed Firstgold Corp. He accepted the CEO position following the company’s period of financial difficulty bringing its Relief Canyon mine into production. Further, Mr. Lynch arranged a sale of 51% of the company for $26.5 million from Northwest Non Ferrous Metals, a large mining and engineering group in China. After the US government rejected the company takeover, the company filed for bankruptcy. During the period between October 2005 and August 2008 Mr. Lynch was a partner with Kingsmill Capital Partners, a financial advisory firm skilled at advising public and private companies in early-stage growth mode. Prior to Kingsmill Capital, he spent 15 years operating startup companies in industrial products, media and oil and gas where he was President and co-founder of Pacific Tiger Energy, a Canadian-listed company that was eventually acquired by Pan Orient Energy Corp.
Patrick Johnson, CEO of Innocent, commented, “We face considerable challenges in front of us in order to restore and create additional shareholder value and feel Terry’s expertise in corporate restructuring and capital formation will be very helpful. Our objective in the short term is to provide a stable balance sheet for the company as we move towards our long term goal of creating a technology-driven North American oil and gas exploration and production company.”
Innocent Inc. plans to minimize the risk of exploration through development of proved petroleum reserves, and anticipates maximizing profit through strategic acquisition and liquidation of selected oil and gas properties.
For more information on the company, visit www.innocentinc.com
