Pennine Petroleum Corp. (TSX Venture: PNN) has named Michal J. Holub, CA to the position of CFO, effective immediately. Holub takes over as CFO from Jeff Saxinger who has served as interim CFO since Nov. 10, 2016. Saxinger continues to serve on Pennine’s board of directors. Holub’s appointment is subject to TSX Venture Exchange approval.
Holub, who received his Chartered Accountant designation in 2001, has held leadership positions with numerous private and public energy companies—including those based in Morocco, Colombia, Tunisia, Indonesia and the United States—and accrued extensive experience in financial reporting, accounting, financial modeling and taxation.
Holub’s executive leadership portfolio includes stints as co-founder of Croverro Energy Ltd., a private conventional cold flow heavy oil company operating in Alberta and Saskatchewan; vice president, finance and CFO of Serrano Energy Ltd.; controller and corporate secretary at RedStar Oil & Gas Inc., a publicly traded company on the Toronto Stock Exchange.
Pennine Petroleum also noted the granting of 4,200,000 stock options to certain directors, officers and consultants at an exercise price of $0.06. The options will vest in accordance with the corporation’s stock option plan, and will have a term of five years. The option grant is also subject to TSX Venture Exchange approval.
In addition, John Garden has resigned from the company’s board of directors.
Pennine Petroleum is an emerging oil and gas exploration and development company currently active in Albania and the Canadian provinces of Alberta and Saskatchewan.