The board of directors of AAG Energy Holdings Limited announced that Mr. Carl Lakey has tendered his resignation from his position as the Co-Chief Executive Officer and Chief Operating Officer of the company with effect from October 30, 2016 in order to enable himself to spend more time with his family in the United States. Mr. Lakey will serve as a consultant to the company and provide continued support and advice to the operation and strategic development of the company according to the terms of the consultancy agreement. Mr. Jing Li, Co-Chief Executive Officer and President of the company, will become the sole Chief Executive Officer of the company with effect from October 30, 2016 and will assume all responsibilities of Mr. Lakey as Co-Chief Executive Officer and Chief Operating Officer.

Mr. Shuxing Dong, Vice-President of Technology of the company, will assist Mr. Li in managing technical aspects of the overall operations. Mr. Dong joined the company in June 2016 and has over twenty years of diversified experiences in the oil and gas industry including reservoir engineering, production engineering and completion engineering.