CruzSur Energy Corp. announced the departure of certain members of its Executive Management Team; Dr. Ralph Gillcrist, President and Chief Executive Officer, Mr. Alan Aitchison, Chief Operating Officer and Mr. Rafael Orunesu, Vice President Business Development and President Argentina. Dr. Gillcrist will resign his Board position with immediate effect.

In conjunction with their departure, a total of 2,916,666 shares will be issued to the departing management as a partial severance settlement subject to TSX Venture Exchange approval. The Company also announced the resignation of the Chairman of the Board, Mr. Jeffrey Scott. Mr. Serafino Iacono will be appointed as interim Chief Executive Officer, whilst the Company hires a new management team to implement the next phase in its strategy to develop its oil and gas assets.

The departing management team has agreed to act in an advisory capacity for a period of 3 months to assist with the transition. Mr. Iacono will also be appointed as a Director and Mr. Frederico Restrepo has also been appointed a director.