TriOil Resources Ltd., being part of the ORLEN Group, is pleased to announce that it is changing its name, effective immediately, to ORLEN Upstream Canada Ltd. (“Company”).
The name change is consistent with the ORLEN Group global strategy of building a single identity and provides ORLEN brand recognition to the Canadian oil and gas market, where the Company plans to expand its investment activities. ORLEN Upstream Canada’s existing assets are located in the Lochend, Kaybob, Pouce Coupe and Ferrier/Strachan areas of Alberta, and have 2P reserves of approximately 50 million boe, with average production in Q4 2014 of approximately 8,400 boe/d.
ORLEN Upstream Canada Ltd. is a wholly-owned subsidiary of ORLEN Upstream International B.V., which is a wholly-owned subsidiary of ORLEN Upstream Sp. z o.o., which in turn is owned 100% by PKN ORLEN S.A. (“PKN ORLEN”). PKN ORLEN is one of the largest petroleum and petrochemical corporations in Central and Eastern Europe and the largest in Poland. As for the year ended December 31, 2014, PKN ORLEN reported consolidated revenue of approximately C$35 billion and consolidated assets of approximately C$15 billion. PKN ORLEN is one of the blue chip stocks traded on the Warsaw Stock Exchange and its market capitalization as of March 25, 2015 was approximately C$8.5 billion.