PentaNova Energy Corp. announces that the Board of Directors of the Company has approved a name change to “CruzSur Energy Corp” and a consolidation of its issued and outstanding share capital on the basis of one new common share for ten outstanding common shares, subject to TSX Venture Exchange approval. As a result, the outstanding common shares of the Company will be reduced to approximately 24,220,160, subject to adjustment for fractional shares. The Consolidation will also apply to Common Shares issuable upon the exercise of the Company’s outstanding stock options and warrants.

The Company also announces a reorganization of it’s Board of Directors with the resignations of Mr. Serafino Iacono, Mr. Francisco Sole, Mr. Hernan Martinez and Mr. Jaime Perez Branger, who all joined the Board of Directors in 2017. Following their departure, the Company’s Board of Directors comprises of Frank Giustra, Gordon Keep, Ralph Gillcrist and Jeffrey Scott.

Ralph Gillcrist stated,
“We are carrying out actions that places the Company on a new path and the corporate name change is part of our new identity moving forward. Our strategy is to refocus the Company’s asset portfolio, concentrating on assets which will fund core exploration. We have now implemented industry standards and processes which will improve execution efficiency and the ultimate goal is to build a profitable self-sustaining energy company.”