The Board of Directors of PA Resources AB has decided with immediate effect to appoint Board member Philippe R Probst as the company's CEO. Bo Askvik is thereby leaving his position as CEO but will be available to the company for a number of months. Philippe R Probst will be CEO during an interim period and the Board intends to start immediately on the work of recruiting a permanent CEO. Philippe R Probst, who has been appointed CEO, has many years of experience of the oil industry with a past which includes Exploration and Production Manager within the Shell Group as well as a position with the Swiss oil company Addax. He presently acts as advisor to companies mainly in Africa and the Middle East.

PA Resources AB at the AGM held on May 14, 2013 decided that the Board would comprise four ordinary members, the new members Sven A Olsson, Philippe R Probst and Philippe R Ziegler. Sven A Olsson was elected Chairman of the Board. Sven A Olsson, is a Helsingborg based lawyer with long experience as a business lawyer and is one of the founders of the law firm Vinge. Sven A Olsson runs his own law business and he is Chairman of the Board in Rörvik Timber AB, IPP Ltd, Gunvor Group Ltd, Smedbo AB, Allard Support for a better life AB, Labrusca Family Office AB and Board Member in Liljedahl Group AB, Aller Media AB and Volga Sicav among others. Philippe R Probst, is a trained geologist with more than 30 years' experience from the international oil ndustry with a solid knowledge and experience of international petroleum concessions. He has held a position as orporate Head of New Ventures with the Swiss oil company Addax Petroleum and Exploration and Production Manager ithin the Shell group. Phillippe R Probst is presently acting as advisor to international oil companies, financial institutes and investors in upstream mainly in Africa and the Middle East. Philippe R Ziegler, has many years' experience from international banking and loan financing as bank manager within the BNP Paribas group. In the BNP Paribas group he has held the position as Head of Energy & Commodities Finance Department. Philippe R Ziegler is the chairman of the Board of the Danish transport company Leman International System Transport A/S, partner and chairman of the Board of the Swiss transport company Nauta S.A. and founder and MD of the consulting company Captiva Corporate Finance SA.

PA Resources AB reported production results for the month and year to date ended April 2013. For the month, the company reported total average production of oil per day of 6,100 barrels. For the year to date, the company reported total average production of oil per day of 6,600 barrels.