Cyprus, 20 February 2012
SeaBird Exploration PLC ("SBX") hereby announces, with reference to its release of 6 February 2012 concerning management changes, that it has today finalized the employment terms for its new CEO Mr Dag Reynolds. In addition to fixed salary on market terms, Mr Reynolds will receive 30 000 000 share options at a strike price of NOK 0,25 (equaling the average share price on the trading day 6 February 2012 + 10% approx.). The share options are exercisable with 1/3 from 16 February 2013 to 16 April 2013, 1/3 from 16 February 2014 to 16 April 2014 and 1/3 from 16 February 2015 to 16 April 2015. Mr Reynolds do not hold shares in SBX at the date hereof.
For further queries, please contact Jan-Eivind Fondal
CEO SeaBird Exploration PLC
SeaBird Exploration PLC is a global provider of marine acquisition for 2D and 3D seismic data, and associated products and services to the oil and gas industry. SeaBird specializes in high quality operations within the high end of the source vessel and 2D market, as well as in the shallow/deep water 2D/3D market. Main focus for the company is proprietary seismic surveys (contract seismic). Main success criteria for the company are an unrelenting focus on Health, Safety, Security, Environment and Quality (HSSEQ), combined with efficient collection of high quality seismic data. All statements in this press release other than statements of historical fact are forward-looking statements and are subject to a number of risks, uncertainties and assumptions that are difficult to predict, and are based upon assumptions as to future events that may not prove accurate. These factors include SeaBird`s reliance on a cyclical industry and the utilization of the company's vessels. Actual results may differ substantially from those expected or projected in the forward-looking statements.
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act).