The Board of Directors of Petro Matad announced the appointments of Ms. Enkhmaa Davaanyam as Non-Executive, non-independent Chairperson and Mr. Ridvan Karpuz as Chief Executive Officer of the company. Ms. Davaanyam's appointment is effective August 1, 2015 and Mr. Karpuz's appointment becomes effective mid-September 2015. Ms. Davaanyam was previously a Non-Executive Director of Petro Matad and has agreed to take on the role of Chairperson.

As a Non-Executive Director, Ms. Davaanyam was instrumental in concluding the recently announced farmout agreement with BG Group. Ms. Davaanyam is currently the CEO of Petrovis Group. With Ms. Davaanyam's appointment as Chairperson, Ms. Oyungerel Janchiv relinquishes her Acting Chairperson position, but remains on the Board as a Non-Executive Director.

Prior to his appointment as CEO, Mr. Karpuz was previously a Non-Executive Director for the company.