TORTOLA, British Virgin Islands – To expand the depth of expertise within its Board of Directors, EastCoast Energy Corporation (“EastCoast Energy” or “the Company”) has nominated two new Directors for election by shareholders at the Annual General Meeting on November 14, 2006.
The new nominees are James N. Smith and David W. Ross. Mr. Smith has extensive oil and gas exploration experience in Africa and the Middle East. He was previously the Manager for New Ventures with Chevron and more recently was Vice President Exploration with PanOcean Energy Corporation. At PanOcean he was instrumental in the rapid development of a portfolio of onshore and offshore oil assets in Gabon which were sold in 2006. Mr. Ross is a partner with Burnet, Duckworth and Palmer and is currently Secretary to the Board of the Company. Current EastCoast Director Robert Spence is resigning as a Director at the Annual Meeting.
The Company is also proposing to change its name to the Orca Exploration Group Inc. at the November 14, 2006 meeting.
EastCoast Energy Corporation Limited is a TSXV listed company focused on the exploration and production of Tanzanian natural gas and the sale of “Additional Gas” to markets in East Africa. The Company trades on the TSXV under the trading symbols ECE.B and ECE. A. The company is headquartered in Tortola, British Virgin Islands and maintains its operations offices in Dar es Salaam, Tanzania.
Forward Looking Statements
This disclosure contains certain forward-looking estimates that involve substantial known and unknown risks and uncertainties, certain of which are beyond PanOcean’s control, including: the impact of general economic conditions in the areas in which the Company operates, civil unrest, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining required approvals of regulatory authorities. In addition there are risks and uncertainties associated with oil and gas operations, therefore PanOcean’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking estimates and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking estimates will transpire or occur, or if any of them do so, what benefits, including the amounts of proceeds, that PanOcean will derive therefrom .
For further information please contact:
W. David Lyons, Chairman
+255 (0)22 2138737
Nigel A Friend, CFO
+255 (0)22 2138737