Paleo Resources Appoints CFO, Sells Joffre Asset Stake
Calgary, Alberta -- February 16, 2022 -- NewsGenie -- Paleo Resources, Inc. has announced the appointment of Matthew P. Milligan as its new Chief Financial Officer and Comptroller. Milligan brings extensive experience in accounting and finance within the oil and gas sector, including roles at KPMG and various investment and operational firms. He is a licensed CPA in Texas and holds the APA-COPAS certification.
Paleo also announced the sale of a 5% working interest in its Joffre lease to EnergyFunders Yield Fund I GP LLC for $400,000 USD. The proceeds will be used for general corporate purposes and to complete the installation of production facilities on the Joffre lease, with continuous commercial production expected to begin in March 2022.
Additionally, EnergyFunders LLC, a US subsidiary of Paleo, has launched two new funds: the Bitcoin Discovery Fund I LLC, focused on bitcoin mining projects, and the Wildcat Pioneer Fund I LLC, targeting higher-risk oil and gas drilling projects. EnergyFunders will earn fees from these funds but does not hold an equity stake.
The company's common shares are listed on the TSX Venture Exchange under the trading symbol "PRE" and on the OTCQB as "PRIEF".