VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 2, 2012) - Africa Hydrocarbons Inc. (TSX VENTURE:NFK) ("AHI" or the "Company") is pleased to report that at its Annual General Meeting held on February 29, 2012, three Directors were elected to its board of directors ("Board"), KPMG LLP, Chartered Accountants was re-appointed as the Company's auditors and the shareholders ratified and approved the Company's rolling stock option plan, as described in the Company's information circular dated January 25, 2012.
AHI's Board is comprised of the following professionals: David Patterson, Binh Vu and John Nelson.
AHI is also pleased to announce that John Nelson has been named incoming Chief Executive Officer of the Company effective on February 29, 2012. Mr. Nelson is a professional geologist with over 27 years of resource industry experience in geology and geophysics. Prior to this appointment, Mr. Nelson was a Director and Chief Executive Officer for Lion Energy Corp. He is the former President and director of Winslow Resources Inc. and was Vice-President of Exploration for Petrovista Energy Corp. He also previously served as an exploration geologist and project manager in numerous worldwide frontier areas, including the Central and East African rift basins for Mobil Oil Corp.
"The Company is just taking its first steps as a newly formed international exploration company and we are very excited to be involved in a high quality project in Tunisia with exploration activity underway and future drill programs being planned for 2012," states Mr. Nelson, the incoming CEO. "It is expected that 2012 will be a year of growth and progress as we look to diversify our asset base."
About the Company
Africa Hydrocarbons Inc. is a newly formed Canadian listed exploration company with a vision to develop a significant presence in the developing oil and gas industry within Africa. The Company signed an agreement with DualEx Tunisia Inc., a wholly owned subsidiary of Dualex Energy International Inc., that grants the Company the right to earn 47.5% interest in a 416 square kilometer exploration permit located within onshore Tunisia.
Forward Looking Statements
Certain information set forth in this press release contains forward looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", may", "will", "project", "should", "believe" and similar expressions are intended to identify forward looking statements. By their nature, forward looking statements are subject to numerous risks and uncertainties, some of which are beyond management's control, including the receipt of third party approvals, including shareholder and regulatory approvals, impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve or resource estimates, environmental risks, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources.
Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward looking statements. Actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward looking statements. No assurance can be given that any of the events anticipated will transpire or occur, or if any of them do so, what benefits will derive from them. Except as required by applicable securities laws, AHI disclaims any intention or obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise.
ON BEHALF OF THE BOARD OF AFRICA HYDROCARBONS INC.
John Nelson, CEO