Petrodorado Energy Ltd. (Petrodorado) announced that it has entered into an amalgamation agreement dated August 7, 2017 with Western Atlas Resources Inc. (WAR) pursuant to which WAR will amalgamate with Petrodorado's wholly owned subsidiary 1128014 B.C. Ltd., which will continue as one corporation (Amalco) wholly owned by the company. Pursuant to the amalgamation agreement, at the closing date of the amalgamation, the board of directors of the company is to be reconstituted so as to be comprised of four individuals, namely Fabio Capponi, José Francisco Arata, Serafino Iacono and Michael Galego Dacosta. On closing of the transaction, the current board of directors of the company will resign.

Fabio Capponi (President & CEO). Over 14 years of experience and successful track-record in creating, structuring and selling natural resources companies worth over $5 billion working in Europe and both North and Latin America. Mr. Capponi is the founder of WAR, and was Co-Founder of CB Gold Inc. where he also served as President and CEO from 2009 to 2015 (CB Gold was acquired by Red Eagle Mining in December 2015).

Prior to that Mr. Capponi was with Endeavour Financial and has covered the Director and Management positions with private companies. José Francisco Arata. Over 30 years of experience in exploration, developing and production of mineral and hydrocarbons projects having started his career with Petróleos de Venezuela, S.A. Mr. Arata has been co-founding partner and board member of several companies listed in the Toronto Stock Exchange.

Among those companies was Pacific Rubiales Energy Corp. (now Frontera Energy Corporation), where he was President and Executive Director since its formation in 2003 until July 2015, Gran Colombia Gold Corp., Medoro Resources Ltd., and Bolivar Gold Corp. Michael Galego.

Mr. Galego is a lawyer with more than 10 years of M&A and corporate finance experience and currently serves as Chief Executive Officer of the Stronach Group's Agricultural Division and has been a Director at International Cannabis Corporation and Apolo Acquisition Corp. since November 2016 and May, 2017 respectively. Mr. Galego is also on the board of directors of Trillium Gift of Life Network and the Canadian Liver Foundation.

Serafino Iacono. Mr. Iacono has over 30 years of experience in the financing and development of oil, mining and other resource projects in Latin America, the United States and Europe and has raised more than $5 billion for numerous natural resource projects. Mr. Iacono has been co-founding partner and board member of several companies including Pacific Rubiales Energy Corp.

(now Frontera Energy Corporation) where he also served as Executive Co-Chairman of the Board from 2008 to 2016, Medoro Resources Ltd., Gran Colombia Gold Corp., and Bolivar Gold Corp. Mr. Iacono currently serves as Executive Chairman of PentaNova Energy Corp., a director and Executive Co-Chairman of Colombia's gold producer, Gran Colombia Gold, and as a director of US Oil Sands Inc. and was a director and Co-Chairman of CGX Energy Inc. and PetroMagdalena Energy Corp. The election of the proposed directors will be among the items of business to be considered at the shareholder meeting.

The company expects Fabio Capponi to succeed Chris Reid as President and Chief Executive Officer of the company, and Susan Rubin will assume the role of Chief Financial Officer.