Chelsea Oil and Gas Ltd. and International TME Resources Inc. announced the closing on October 1, 2013, of the previously announced Plan of Arrangement whereby Chelsea acquired all of the issued and outstanding common shares of ITME. Concurrent with the Arrangement, Chelsea reconstituted its board of directors and executive management team. Chelsea will be based in Calgary, Alberta, Canada, and add three industry veterans to its board of directors: Stewart Gibson, Toby Pierce and Yves Merer.

Mr. Gibson brings 40 plus years' experience with industry majors and startups. He has previously held positions with BP, Occidental, Bow Valley and is the former CEO of Sterling Resources Ltd. Mr. Pierce was most recently a Director & Senior Analyst with GMP Securities and prior to GMP served as Director of Institutional Research at Tristone Capital (London, U.K.) since 1994. Mr. Merer is currently the Chief Executive Officer of Caithness Petroleum Limited ('Caithness').

Mr. Howard Siegel and Mr. Andre Sakhai have left the board of directors of the Company upon closing of the Arrangement.